Perma-Fix Environmental Services to be Acquired
Ticker: PESI · Form: 8-K · Filed: Apr 10, 2024 · CIK: 891532
| Field | Detail |
|---|---|
| Company | Perma Fix Environmental Services Inc (PESI) |
| Form Type | 8-K |
| Filed Date | Apr 10, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1.5 million, $3.5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, hazardous-waste
TL;DR
Perma-Fix is getting bought by Quantum Holding, deal expected Q3 2024.
AI Summary
Perma-Fix Environmental Services, Inc. announced on April 10, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of Quantum Holding, LLC. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This acquisition marks a significant event for Perma-Fix, a company specializing in hazardous waste management.
Why It Matters
This acquisition by Quantum Holding, LLC will lead to a change in ownership for Perma-Fix Environmental Services, potentially impacting its operations and strategic direction in the hazardous waste management sector.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty until the deal is finalized.
Key Players & Entities
- Perma-Fix Environmental Services, Inc. (company) — Company being acquired
- Quantum Holding, LLC (company) — Acquiring entity
- April 10, 2024 (date) — Date of definitive agreement
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the name of the acquiring company?
The acquiring company is an affiliate of Quantum Holding, LLC.
When was the definitive agreement signed?
The definitive agreement was signed on April 10, 2024.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
What are the conditions for closing the acquisition?
The acquisition is subject to customary closing conditions.
What industry does Perma-Fix Environmental Services operate in?
Perma-Fix Environmental Services, Inc. operates in hazardous waste management.
Filing Stats: 1,213 words · 5 min read · ~4 pages · Grade level 19.7 · Accepted 2024-04-10 17:15:12
Key Financial Figures
- $1.5 million — ed outages in March resulting in nearly $1.5 million in impacts as the Company utilized the
- $3.5 million — ll generate a net loss of approximately $3.5 million in the first quarter of 2024, which amo
Filing Documents
- form8-k.htm (8-K) — 37KB
- 0001493152-24-014242.txt ( ) — 208KB
- pesi-20240410.xsd (EX-101.SCH) — 3KB
- pesi-20240410_lab.xml (EX-101.LAB) — 33KB
- pesi-20240410_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
02 – Results of Operations and
Item 2.02 – Results of Operations and Financial Condition As previously disclosed, Perma-Fix Environmental Services, Inc.'s (the "Company") results of operations in the first quarter of 2024 were impacted by accelerated investments and several events, which the Company believes were temporary. The Company has elected to provide additional disclosure to further clarify the nature of these investments and impacts, which included the following: Accelerated investments in research and development on our new technology to treat Per- and Polyfluorinated Substances ("PFAS"); Reduced activities by the Company's customers from poor weather conditions, which resulted in the closure of two of our facilities for a week, including delays in shipments to support backlog; Continuing Resolution impacts due to the inability of Congress to pass a Federal Budget through March, which contributed to delays in procurements, project starts and waste shipment, due to uncertain budget projections by our government clients; Completion of two large projects in the Services Segment were not yet replaced by new projects starts due to delays in mobilization activities until late April; and All three primary treatment facilities realized outages in March resulting in nearly $1.5 million in impacts as the Company utilized the aforementioned slowdowns for equipment replacement and repairs, program enhancements, and testing to support permit expansion and broader market penetration; As a result of the aforementioned investments and impacts, the Company anticipates it will generate a net loss of approximately $3.5 million in the first quarter of 2024, which amount is subject to change as the Company continues to finalize its results for the first quarter of 2024. The Company believes that most of these accelerated investments and unanticipated impacts should have limited duration effects to the Company's financial performance. Management believes that the second quarter will not include signi
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PERMA-FIX ENVIRONMENTAL SERVICES, INC. By: /s/ Mark Duff Mark Duff Dated: April 10, 2024 President and Chief Executive Officer