Target Hospitality prices secondary offering at $14 per share

Target Hospitality Corp. (NASDAQ: TH) announced the pricing of its secondary offering of 7 million shares at $14 per share, according to a company statement. The shares are being sold by existing stockholders Arrow Holdings S.à r.l. and MFA Global S.à r.l., entities controlled by TDR Capital LLP.

The offering will generate approximately $98 million in gross proceeds for the selling stockholders before deducting underwriting discounts and commissions. Target Hospitality will not receive any proceeds from the sale as the company is not offering any shares in the transaction.

The closing is expected to occur on April 23, 2026, subject to customary closing conditions. The selling stockholders have granted underwriters a 30-day option to purchase up to an additional 1.05 million shares.

Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. are serving as book-running managers for the offering. Northland Securities, Inc., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated and Texas Capital Securities are acting as co-managers.

The offering is being conducted under an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on April 10, 2019, and declared effective on May 16, 2019.

Target Hospitality operates as a provider of modular accommodations and hospitality services in North America, serving various industries including energy, government and construction sectors.

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