Shentel Amends Filing on Fiber Network Agreement Termination
Ticker: SHEN · Form: 8-K/A · Filed: Jun 11, 2024 · CIK: 354963
Sentiment: neutral
Topics: amendment, contract-termination, telecommunications
TL;DR
Shentel officially terminated its fiber network deal with Horizon Services on April 1, 2024, and is now filing the paperwork.
AI Summary
Shenandoah Telecommunications Company (Shentel) filed an 8-K/A on June 11, 2024, to amend its previous filing regarding the early termination of the fiber network services agreement with Horizon Services, Inc. The amendment clarifies that the termination was effective as of April 1, 2024, and provides updated details on the financial implications and operational adjustments resulting from this termination.
Why It Matters
This amendment provides clarity on the effective date and financial impact of Shentel's termination of a fiber network services agreement, which could affect revenue streams and operational costs.
Risk Assessment
Risk Level: medium — The termination of a significant service agreement can impact revenue and operational stability, requiring careful monitoring of the company's financial performance.
Key Players & Entities
- Shenandoah Telecommunications Company (company) — Registrant
- Shentel (company) — Commonly referred name for Shenandoah Telecommunications Company
- Horizon Services, Inc. (company) — Party to the terminated fiber network services agreement
- April 1, 2024 (date) — Effective date of the agreement termination
- June 11, 2024 (date) — Filing date of the 8-K/A amendment
FAQ
What is the primary purpose of this 8-K/A filing?
The primary purpose is to amend a previous Form 8-K filing to provide updated information and clarifications regarding the early termination of the fiber network services agreement with Horizon Services, Inc.
When was the termination of the fiber network services agreement with Horizon Services, Inc. effective?
The termination was effective as of April 1, 2024.
Who is the registrant filing this amendment?
The registrant is Shenandoah Telecommunications Company, also known as Shentel.
What type of agreement was terminated?
The terminated agreement was for fiber network services.
What is the filing date of this amended report?
This amended report (Form 8-K/A) was filed on June 11, 2024.
Filing Stats: 812 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2024-06-11 08:00:28
Key Financial Figures
- $305 million — is one of the sellers; and (ii) paying $305 million in cash consideration to the other sell
Filing Documents
- f8k_060924.htm (8-K/A) — 26KB
- exh_231.htm (EX-23.1) — 1KB
- exh_991.htm (EX-99.1) — 641KB
- exh_992.htm (EX-99.2) — 180KB
- logo.jpg (GRAPHIC) — 3KB
- cover.jpg (GRAPHIC) — 84KB
- mossadams.jpg (GRAPHIC) — 3KB
- 0001171843-24-003381.txt ( ) — 1229KB
- shen-20240401.xsd (EX-101.SCH) — 3KB
- shen-20240401_lab.xml (EX-101.LAB) — 33KB
- shen-20240401_pre.xml (EX-101.PRE) — 22KB
- f8k_060924_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (a) Financial Statements of Business Acquired The audited consolidated balance sheets of Horizon as of December 31, 2023 and 2022, and the audited related consolidated statements of operations, comprehensive loss, changes in members' equity, and cash flows for the years ended December 31, 2023 and 2022, together with the report thereon of Moss Adams LLP, independent auditors and accompanying notes of Horizon are filed as Exhibit 99.1. (b) Pro Forma Financial Information. The unaudited pro forma condensed combined financial information of the Company as of December 31, 2023 and for the year ended December 31, 2023 (the "Unaudited Pro Forma Condensed Combined Financial Information"), is filed as Exhibit 99.2 to this Current Report on Form 8-K/A and is incorporated herein by reference. The Unaudited Pro Forma Condensed Combined Financial Information is presented for illustrative purposes only and is not intended to represent or be indicative of the Company's consolidated results of operations or financial position that would have been reported had the Horizon Transaction and related transactions been completed as of the dates presented in the Unaudited Pro Forma Condensed Combined Financial Information. The Unaudited Pro Forma Condensed Combined Financial Information should not be taken as a representation of the Company's future consolidated results of operations or financial condition. The pro forma adjustments in the Unaudited Pro Forma Condensed Combined Financial Information are based on available information and certain assumptions that management believes are reasonable under the circumstances. (d) Exhibits. Exhibit No. Description 23.1 Consent of Moss Adams LLP, independent auditors. 99.1 Consolidated Financial Statements of Horizon, together with report thereon of Moss Adams LLP, independent auditors and accompanying notes. 99.2 Unaudited Pro Forma Condensed Combined Financial Information 104 Cover Page
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SHENANDOAH TELECOMMUNICATIONS COMPANY Dated: June 11, 2024 /s/ James J. Volk James J. Volk Senior Vice President – Chief Financial Officer