The lighting company CEO withdrew the proposal to privatize the company
Recently, according to foreign media reports, a group led by Robert LaPenta, chairman and CEO of American lighting company Revolution Lighting Technologies Inc., has withdrawn its proposal to privatize the company.
The quotation published on October 16 and November 14 last year indicated that LaPenta had tried to purchase the remaining shares of Revolution Lighting to be reorganized into a private company.
RVL 1 LLC, a group led by LaPenta, wrote to the board, "While the company hopes to stop working as a publicly traded company, we are reluctant to conclude that we are not pursuing private transactions," We will remain committed to the company's success and seek ways to maximize the value of the company and all its shareholders."
Revolution Lighting plans to announce its next quarter results on March 14. Analysts expect the company's current fiscal quarter sales to reach $35 million to $38.7 million, compared with $35.2 million in the same quarter last year.
As of December 31, 2017, Revolution Lighting's total revenue was $152.3 million, compared to $172.1 million for the same period in 2016.