Core Viewpoint - Monteverde & Associates PC is investigating Shyft Group, Inc. regarding its proposed merger with Aebi Schmidt Group, where Shyft shareholders will own 48% of the combined entity and Aebi Schmidt shareholders will own 52% [1]. Group 1 - Monteverde & Associates PC has recovered millions for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report [1]. - The firm is headquartered in the Empire State Building, New York City [1]. - The investigation pertains to the merger agreement between Shyft Group, Inc. and Aebi Schmidt Group [1].

Merger Overview - The Shyft Group and Aebi Schmidt Group announced a definitive agreement to combine in an all-stock merger, creating a leading specialty vehicles company [1] - The combined company is expected to generate 2024 pro forma revenue of approximately $1.95 billion and adjusted EBITDA of over $200 million, including synergies [1] - The transaction is expected to be EPS accretive in Year 1 and generate ROIC greater than the cost of capital by Year 3 post-close [1] Strategic Rationale - The merger combines Aebi Schmidt's specialty vehicle products and services with Shyft's manufacturing and upfit capabilities, creating a full-suite of offerings for customers [2] - The combined company will benefit from a scaled platform in the attractive North American market, representing approximately 75% of revenue, complemented by a strong European presence [4] - The merger brings together two highly complementary product suites, enhancing the ability to serve customers and drive outsized growth [4] Financial Benefits - The combined company expects to generate $20 to $25 million in annual run-rate cost synergies and an additional $5 million in adjusted EBITDA from near-term revenue synergies [4][5] - The transaction is expected to be accretive to EPS and generate ROIC above WACC by the first and third years post-close, respectively [5] - Pro forma net debt is expected to be approximately $485 million as of September 30, 2024 [5] Management and Governance - Barend Fruithof, current CEO of Aebi Schmidt, will serve as CEO of the combined company, while James Sharman, current Chairman of Shyft, will serve as Chairman [1][5] - The Board of Directors will consist of 11 directors, with five nominated by Shyft and six by Aebi Schmidt, seven of whom will be independent [6] - Aebi Schmidt majority shareholder Peter Spuhler will own approximately 35% of the combined company post-transaction [6] Transaction Details - The transaction is expected to close by mid-2025, subject to customary closing conditions and regulatory approvals [8] - The combined company will trade on NASDAQ and will be a Swiss-domiciled stock corporation with a strong presence in the US [7] - Shyft and Aebi Schmidt have secured fully-committed financing for the transaction [8] Company Backgrounds - The Shyft Group is a North American leader in specialty vehicle manufacturing, assembly, and upfit, with 2023 sales of $872 million and approximately 3,000 employees [12] - Aebi Schmidt Group is a global provider of smart solutions for clean and safe transportation surfaces, with 2023 net revenue of EUR 935 million and approximately 3,000 employees [13]

NOVI, Mich., Nov. 21, 2024 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets, today announced that Jon Douyard has resigned as Chief Financial Officer to pursue another professional opportunity outside the industry. He will continue to serve as CFO until December 31, 2024 to ensure a smooth transition."On behalf of our employees, e ...

Investors interested in Auto-Tires-Trucks stocks should always be looking to find the best-performing companies in the group. Has The Shyft Group (SHYF) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out. The Shyft Group is a member of our Auto-Tires-Trucks group, which includes 102 different companies and currently sits at #15 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the i ...

NOVI, Mich., Oct. 28, 2024 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ: SHYF), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets, today announced strategic partnerships with Allegiance Trucks, LLC, and Ascendance Trucks, LLC, to establish dealer sales and service for the Blue Arc™ Class 4 all-electric truck. These agreements expand Blue Arc's dealer network in the Northeast region, enhancing its reach and acc ...

Third Quarter 2024 Earnings Conference Call October 24, 2024 © THE SHYFT GROUP, INC. | Proprietary & Confidential SHYFTGROUP Forward-Looking Statement This presentation release contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2024 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operati ...

The Shyft Group, Inc. (NASDAQ:SHYF) Q3 2024 Earnings Conference Call October 24, 2024 8:30 AM ET Company Participants Randy Wilson - Vice President, Investor Relations & Treasury John Dunn - President & Chief Executive Officer Jon Douyard - Chief Financial Officer Conference Call Participants Matt Koranda - ROTH Capital Mike Shlisky - D. A. Davidson Gregory Lewis - BTIG Operator Good morning, and welcome to The Shyft Group's Third Quarter 2024 Conference Call and Webcast. All participants will be in a liste ...

The Shyft Group (SHYF) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 38.46%. A quarter ago, it was expected that this maker of chassis for Last Mile Delivery, RVs and other vehicles would post earnings of $0.12 per share when it actually produced earnings of $0.16, delivering a surp ...

Financial Performance - Sales for Q3 2024 were $194.1 million, a decrease of 3.6% from $201.3 million in Q3 2023[59] - Gross margin improved to 20.4% in Q3 2024, compared to 18.3% in Q3 2023[59] - Operating income for Q3 2024 was $5.3 million, up from $4.1 million in Q3 2023[59] - Net income decreased to $3.1 million in Q3 2024 from $4.5 million in Q3 2023, with diluted earnings per share at $0.09 compared to $0.13[59][71] - Consolidated sales for the first nine months of 2024 were $584.7 million, a decrease of 12.7% from $669.9 million in the same period of 2023[72] - Net income for the first nine months of 2024 was $0.6 million, a decrease of $10.3 million from $10.9 million in the same period of 2023[78] - Adjusted EBITDA for Q3 2024 increased to $14.3 million, up from $11.0 million in Q3 2023[72] - Adjusted EBITDA for the first nine months of 2024 was $32.9 million, down $4.7 million from $37.6 million in the first nine months of 2023[79] Order Backlog and Sales Segments - Order backlog was $345.4 million as of September 30, 2024, a decrease of 25.6% from $464.4 million a year earlier[59] - Consolidated order backlog as of September 30, 2024, totaled $345.4 million, a decrease of $119.0 million or 25.6% compared to $464.4 million at the same date in 2023[80] - Fleet Vehicles and Services segment sales for the first nine months of 2024 were $323.5 million, a decrease of $99.2 million or 23.5% from $422.7 million in the first nine months of 2023[91] - Specialty Vehicles segment sales for the first nine months of 2024 were $260.4 million, an increase of $9.0 million or 3.6% from $251.4 million in the first nine months of 2023[95] Cash Flow and Investments - Cash and cash equivalents increased by $11.5 million to $21.4 million as of September 30, 2024[98] - Cash generated from operating activities during the first nine months of 2024 was $17.2 million, a decrease of $27.6 million from $44.8 million in the same period of 2023[98] - Cash used in investing activities increased by $43.5 million to $60.0 million for the nine months ended September 30, 2024, primarily due to a $48.1 million increase related to the acquisition of ITU[99] - Cash generated from financing activities increased by $84.2 million to $54.3 million for the nine months ended September 30, 2024, driven by $35.0 million in increased proceeds from long-term debt[100] Debt and Credit Facilities - The company has $110.0 million outstanding debt under its revolving credit facility as of September 30, 2024, with a potential increase in interest expense of $1.1 million for a 100 basis point rise in interest rates[111] - The revolving credit facility was reduced from $400.0 million to $300.0 million, with a maturity date of November 30, 2026[102] - Available borrowings under the Credit Agreement were $34.1 million as of September 30, 2024, down from $83.2 million at December 31, 2023[105] - The company reported compliance with all financial covenants in its Credit Agreement as of September 30, 2024[105] Acquisitions and Operations - The company acquired Independent Truck Upfitters for $50.9 million, enhancing service body product offerings and upfit capabilities[59] - The company is currently integrating operations following the acquisition of Independent Truck Upfitters (ITU) on July 24, 2024[116] Research and Development - Research and development expenses for Q3 2024 were $4.2 million, down from $5.2 million in Q3 2023, reflecting a shift towards production readiness for electric vehicle initiatives[68] Tax and Compliance - The effective tax rate for the first nine months of 2024 was 50.3%, compared to (9.7%) for the same period in 2023[77] Other Financial Metrics - Adjusted EBITDA in the Fleet Vehicles and Services segment for the first nine months of 2024 was $19.1 million, down $13.8 million from $32.9 million in the first nine months of 2023[92] - Adjusted EBITDA for the Specialty Vehicles segment for the first nine months of 2024 was $50.7 million, an increase of $3.5 million from $47.2 million in the first nine months of 2023[96] - The company has outstanding letters of credit totaling $1.9 million related to workers' compensation insurance as of September 30, 2024[104] - The company does not enter into derivative instruments to manage exposure to fluctuations in steel and aluminum prices, relying instead on pre-buys and active supply sourcing[112] - The company declared dividends of $0.05 per share on multiple occasions in 2024 and 2023, maintaining a consistent dividend policy[108]

Exhibit 99.1 The Shyft Group Reports Third Quarter 2024 Results ● Expanded gross margin to 20.4%, up 210 basis points year-over-year ● Blue Arc Class 4 vehicle now in production with first customer deliveries expected in the fourth quarter ● Maintained full year 2024 adjusted EBITDA outlook of $45 to $50 million; positioned for significant profit growth in 2025 Novi, Mich., October 24, 2024 – The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manu ...