Utz Brands Files 8-K on Material Agreement, Financial Condition

Ticker: UTZ · Form: 8-K · Filed: Jan 31, 2024 · CIK: 1739566

Utz Brands, Inc. 8-K Filing Summary
FieldDetail
CompanyUtz Brands, Inc. (UTZ)
Form Type8-K
Filed DateJan 31, 2024
Risk Levelmedium
Pages7
Reading Time8 min
Key Dollar Amounts$0.0001, $182.5 million, $150 million, $12 million
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: material-agreement, financial-condition, regulation-fd

TL;DR

**Utz Brands just dropped an 8-K about a major agreement and financial update, keep an eye on it!**

AI Summary

Utz Brands, Inc. filed an 8-K on January 31, 2024, to report an entry into a material definitive agreement, results of operations and financial condition, and Regulation FD disclosure. This filing indicates that the company has made a significant business decision or financial update that could impact its future performance. For investors, this matters because material agreements or financial condition updates can directly affect the company's revenue, expenses, and overall profitability, potentially influencing stock price.

Why It Matters

This filing signals a significant event for Utz Brands, Inc., potentially impacting its financial health and strategic direction, which could affect shareholder value.

Risk Assessment

Risk Level: medium — The filing mentions a 'material definitive agreement' and 'results of operations and financial condition' without specific details, which introduces uncertainty about the nature and impact of these events.

Analyst Insight

Investors should monitor subsequent filings from Utz Brands, Inc. for specific details on the 'Material Definitive Agreement' and the 'Results of Operations and Financial Condition' to assess their impact on the company's financial outlook and stock valuation.

Key Numbers

  • 0001739566-24-000010 — Accession Number (Unique identifier for the SEC filing)
  • 20240131 — Filing Date (The date the 8-K was filed with the SEC)
  • 001-38686 — Commission File Number (Utz Brands, Inc.'s SEC file number)
  • $0.0001 — Par Value per share (Par value of Utz Brands' Class A Common Stock)

Key Players & Entities

  • Utz Brands, Inc. (company) — the registrant filing the 8-K
  • January 31, 2024 (date) — date of earliest event reported and filing date
  • Delaware (company) — state of incorporation for Utz Brands, Inc.
  • 001-38686 (dollar_amount) — Commission File Number
  • 900 High Street Hanover, PA 17331 (company) — principal executive offices address
  • 717-637-6644 (dollar_amount) — registrant's telephone number
  • Class A Common Stock, par value $0.0001 per share (company) — securities registered pursuant to Section 12(b) of the Act
  • UTZ (company) — trading symbol on the New York Stock Exchange
  • New York Stock Exchange (company) — exchange where Class A Common Stock is registered

Forward-Looking Statements

  • Utz Brands, Inc. will provide more specific details regarding the 'Material Definitive Agreement' in its next quarterly or annual report. (Utz Brands, Inc.) — high confidence, target: Q1 2024 Earnings Report
  • The 'Results of Operations and Financial Condition' mentioned will likely show a significant impact from the new agreement. (Utz Brands, Inc.) — medium confidence, target: Q1 2024 Earnings Report

FAQ

What specific items did Utz Brands, Inc. report in this 8-K filing on January 31, 2024?

Utz Brands, Inc. reported an "Entry into a Material Definitive Agreement," "Results of Operations and Financial Condition," and "Regulation FD Disclosure" as per the ITEM INFORMATION section of the filing dated January 31, 2024.

What is the trading symbol and exchange for Utz Brands, Inc.'s Class A Common Stock?

The trading symbol for Utz Brands, Inc.'s Class A Common Stock, par value $0.0001 per share, is UTZ, and it is registered on the New York Stock Exchange, as stated in the 'Securities registered pursuant to Section 12(b) of the Act' section.

What is the state of incorporation for Utz Brands, Inc.?

Utz Brands, Inc. is incorporated in Delaware, as indicated in the 'State or other jurisdiction of incorporation' section of the Form 8-K.

What is the business address and phone number of Utz Brands, Inc.?

The business address of Utz Brands, Inc. is 900 High Street, Hanover, PA 17331, and its telephone number is (717) 637-6644, according to the 'BUSINESS ADDRESS' and 'Registrant’s telephone number' sections of the filing.

What was the former name of Utz Brands, Inc. and when did the name change occur?

The former name of Utz Brands, Inc. was Collier Creek Holdings, and the date of the name change was 20180503, as detailed in the 'FORMER COMPANY' section of the filing.

Filing Stats: 2,091 words · 8 min read · ~7 pages · Grade level 13.9 · Accepted 2024-01-31 09:00:34

Key Financial Figures

  • $0.0001 — stered Class A Common Stock, par value $0.0001 per share UTZ New York Stock Exchange
  • $182.5 million — sideration for the Transactions will be $182.5 million of cash proceeds, subject to certain cu
  • $150 million — s are expected to provide approximately $150 million in after-tax net proceeds, which the Co
  • $12 million — lower interest expense by approximately $12 million in fiscal 2024 based on the Company's c

Filing Documents

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement On January 31, 2024, Utz Brands, Inc., a Delaware corporation (the "Company"), through its indirect subsidiaries Utz Quality Foods, LLC, a Delaware limited liability company ("UQF"), R.W. Garcia Holdings, LLC, a Delaware limited liability company ("R.W. Garcia Holdings"), GH Pop Holdings LLC, a Pennsylvania limited liability company ("GH Pop Holdings") and Condor Snack Foods, LLC, a Delaware limited liability company ("Condor Snack Foods" and together with UQF, GH Pop Holdings and R.W. Garcia Holdings, each a "Seller" and collectively the "Sellers"), entered into a Purchase Agreement (the "Purchase Agreement") with Healthy Snacks Holdco LLC, a Delaware limited liability company (the "Equity Buyer"), North Carolina Tortilla Manufacturing LLC , a Delaware limited liability company (the "NC Real Estate Buyer"), Pennsylvania Tortilla Manufacturing LLC, a Delaware limited liability company (the "PA Real Estate Buyer," together with the NC Real Estate Buyer and the Equity Buyer, each a "Buyer" and collectively the "Buyers") and Best Snacks, LLC, a Delaware limited liability company (the "Buyer Guarantor," and together with the Buyers, the "Buyer Parties", each an affiliate of Our Home, an operating company of Better-for-You brands). Pursuant to the Purchase Agreement, at Closing, (i) R.W. Garcia Holdings will sell, transfer and deliver to Equity Buyer all the issued and outstanding equity interests of Good Health Natural Products, LLC ("GH Company") and R.W. Garcia Co., Inc. ("RW Company" together with GH Company, the "Divested Companies"); (ii) UQF will sell, transfer and deliver to NC Real Estate Buyer the production plant and related real estate located at 3181 Progress Drive, Lincolnton Township, Lincoln County, North Carolina; (iii) Condor Snack Foods will sell, transfer and deliver to PA Real Estate Buyer the production plant and related real estate at 124 W. Airport Road, 142 W. Airport Road and Falcon Lane Lot

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On January 31, 2024, the Company announced the Transactions via a press release, which included the Company's preliminary financial results for the fiscal year ended December 31, 2023. A copy of the Company's press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02. The preliminary financial results contained in the press release do not present all the information for a complete understanding of the Company's financial condition as of December 31, 2023 and its results of operations for the fiscal year ended December 31, 2023. The audit of the Company's financial statements for the fiscal year ended December 31, 2023 is ongoing and could result in changes to the information in the press release. The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act") as amended, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended ("Securities Act"), except as shall be expressly set forth by specific reference in such filing.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure A copy of the slide materials is being furnished pursuant to Regulation FD as Exhibit 99.2 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 7.01. The information and exhibit contained in this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, nor shall it be incorporated by reference into any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits . (d) Exhibits Exhibit No. Description 2.1* Purchase Agreement dated January 31, 2024, by and among GH Pop Holdings LLC, R.W. Garcia Holdings, LLC, Utz Quality Foods, LLC, Condor Snack Foods, LLC, Healthy Snacks Holdco LLC, North Carolina Tortilla Manufacturing LLC, Pennsylvania Tortilla Manufacturing LLC and Best Snacks, LLC. 99.1 Utz Press Release (dated January 31, 2024). 99.2 Presentation of Utz Brands, Inc. (dated January 31, 2024). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Schedules to this exhibit have been omitted pursuant to Item 601(b)(2) of Registration S-K. The Registrant hereby agrees to furnish a copy of any omitted schedules to the Commission upon request. *****

Forward Looking Statements

Forward Looking Statements This Current Report on Form 8-K includes, or incorporates by reference, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in, or incorporated by reference into, this Current Report on Form 8-K include, without limitation, statements related to the planned sale of Good Health and R.W. Garcia brands and the Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets and the timing and financing thereof; and the expected impact of the planned transactions, including without limitation, the expected impact on Utz's overall market position, the projected retail sales, net sales, Adjusted EBITDA and Adjusted EBITDA margins. Utz's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking

View Full Filing

View this 8-K filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.