A group led by Robert LaPenta, chairman and CEO of Revolution Lighting Technologies Inc., has withdrawn its proposal to privatize the company, foreign media reported recently.
LaPenta tried to buy the remaining shares of Revolution Lighting to restructure itself into a private company, according to quotations published on October 16 and November 14 last year.
LaPenta's team, RVL 1 LLC, wrote to the board that "although the company wants to stop being a publicly traded company, we are reluctant to conclude that this is not the time for us to pursue private transactions" in view of developments. "We will remain committed to the success of the company 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 sales to reach $35 million to $38.7 million in the current quarter, compared with $35.2 million in the same quarter last year.
As of 31 December 2017, Revolution Lighting's total revenue was $152.3 million, compared with $172.1 million in the same period in 2016.