SEC Form S-4 filed by Westrock Coffee Company
SECURITIES AND EXCHANGE COMMISSION
UNDER
THE SECURITIES ACT OF 1933
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Delaware
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2080
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80-0977200
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(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(IRS Employer
Identification Number) |
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4th Floor
Little Rock, Arkansas 72212
Telephone: (501) 975-1514
4009 N. Rodney Parham Rd.
4th Floor
Little Rock, Arkansas 72212
Telephone: (501) 918-9358
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Brandon C. Price, Esq.
Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, New York 10019 Telephone: (212) 403-1000 |
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Derek J. Dostal, Esq.
Byron B. Rooney, Esq. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 Tel: (212) 450-4000 |
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| Large accelerated filer | | | ☐ | | |
Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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787 7th Ave., 4th Floor
New York, New York 10019
48 Wall Street, 22nd Floor
New York, New York 10005
Banks and Brokers call: (212) 256-9086
Call Toll Free: (800) 829-6554
Email: [email protected]
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Shares
Approvals
Solicitation
Computershare Inc.
150 Royall Street
Canton, MA 02021
787 7th Ave., 4th Floor
New York, New York 10019
48 Wall Street, 22nd Floor
New York, New York 10005
Banks and Brokers call: (212) 256-9086
Call Toll Free: (800) 829-6554
Email: [email protected]
Condensed Consolidated Statements of Operations Data
(in thousands, except per share data): |
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Six Months Ended June 30,
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Year Ended December 31,
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2024
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2023
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2023
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2022
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Net sales
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| | | $ | 400,889 | | | | | $ | 430,136 | | | | | $ | 864,714 | | | | | $ | 867,872 | | |
Gross profit
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| | | $ | 78,677 | | | | | $ | 69,974 | | | | | $ | 139,858 | | | | | $ | 152,765 | | |
Income (loss) from operations
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| | | $ | (26,540) | | | | | $ | (8,759) | | | | | $ | (20,429) | | | | | $ | 8,676 | | |
Net loss
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| | | $ | (41,432) | | | | | $ | (31,137) | | | | | $ | (34,567) | | | | | $ | (55,461) | | |
Net loss attributable to common shareholders – basic and diluted
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| | | $ | (41,258) | | | | | $ | (31,493) | | | | | $ | (34,743) | | | | | $ | (77,633) | | |
Net loss per share attributable to common shareholders – basic and diluted
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| | | $ | (0.47) | | | | | $ | (0.42) | | | | | $ | (0.43) | | | | | $ | (1.60) | | |
Weighted-average number of shares outstanding – basic and diluted
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| | | | 88,209 | | | | | | 75,543 | | | | | | 80,684 | | | | | | 48,444 | | |
Condensed Consolidated Statements of Cash Flows Data
(in thousands): |
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Six Months Ended June 30,
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Year Ended December 31,
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2024
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2023
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2023
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2022
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Net cash used in operating activities
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| | | $ | (15,691) | | | | | $ | (35,668) | | | | | $ | (64,064) | | | | | $ | (56,628) | | |
Net cash used in investing activities
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| | | $ | (104,760) | | | | | $ | (58,175) | | | | | $ | (168,355) | | | | | $ | (74,169) | | |
Net cash provided by financing activities
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| | | $ | 108,409 | | | | | $ | 96,385 | | | | | $ | 244,214 | | | | | $ | 134,676 | | |
Condensed Consolidated Balance Sheet Data
(in thousands, except per share data): |
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As of
June 30, 2024 |
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As of December 31,
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2023
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2022
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Cash and cash equivalents
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| | | $ | 24,316 | | | | | $ | 37,196 | | | | | $ | 16,838 | | |
Restricted cash
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| | | $ | 1,711 | | | | | $ | 644 | | | | | $ | 9,567 | | |
Current assets
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| | | $ | 332,525 | | | | | $ | 313,050 | | | | | $ | 298,099 | | |
Total assets
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| | | $ | 1,056,373 | | | | | $ | 971,514 | | | | | $ | 746,213 | | |
Current liabilities
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| | | $ | 253,867 | | | | | $ | 239,635 | | | | | $ | 216,135 | | |
Long term debt, net
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| | | $ | 280,255 | | | | | $ | 223,092 | | | | | $ | 162,502 | | |
Total liabilities
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| | | $ | 700,803 | | | | | $ | 583,558 | | | | | $ | 459,548 | | |
Series A Convertible Preferred Shares, $0.01 par value, 24,000 shares authorized, 23,512 shares, 23,512 shares and 23,588 shares issued and outstanding at June 30, 2024, December 31, 2023 and December 31, 2022, respectively, $11.50 liquidation value
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| | | $ | 274,042 | | | | | $ | 274,216 | | | | | $ | 274,936 | | |
Non-controlling interest
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| | | $ | — | | | | | $ | — | | | | | $ | 2,460 | | |
Total shareholders’ equity
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| | | $ | 81,528 | | | | | $ | 113,740 | | | | | $ | 11,729 | | |
Book value per common share(1)
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| | | $ | 0.92 | | | | | | | | | | | | | | |
Name and Address of Beneficial Holder
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Aggregate Number of
Public Warrants Beneficially Owned |
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Percentage
of Public Warrants Beneficially Owned |
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Aggregate
Number of Private Warrants Beneficially Owned |
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Percentage
of Private Warrants Beneficially Owned |
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Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | |
Scott T. Ford
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
T. Christopher Pledger
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
William A. Ford
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Robert P. McKinney
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Blake Schuhmacher
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Name and Address of Beneficial Holder
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Aggregate Number of
Public Warrants Beneficially Owned |
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Percentage
of Public Warrants Beneficially Owned |
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Aggregate
Number of Private Warrants Beneficially Owned |
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Percentage
of Private Warrants Beneficially Owned |
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Joe T. Ford
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
R. Patrick Kruczek
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Hugh McColl, III
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
R. Brad Martin
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| | | | 2,058,057 | | | | | | 12% | | | | | | — | | | | | | —% | | |
Mark A. Edmunds
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| | | | 74,000 | | | | | | 0% | | | | | | — | | | | | | —% | | |
Josie C. Natori
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Leslie Starr
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| | | | 74,000 | | | | | | 0% | | | | | | — | | | | | | —% | | |
Oluwatoyin Umesiri
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Jeffrey H. Fox
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
All current directors and executive officers as a group (14 individuals)
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| | | | 2,206,057 | | | | | | 13% | | | | | | — | | | | | | —% | | |
5% Holders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Westrock Group, LLC
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Brown Brothers Harriman & Co.
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
The Stephens Group, LLC
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Sowell Westrock, L.P.
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
HF Direct Investments Pool, LLC
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Southeastern Asset Management, Inc.
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| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Period
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Low Sales Price of
Common Shares |
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High Sales Price
of Common Shares |
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Low Sales Price
of Public Warrants |
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High Sales Price
of Public Warrants |
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July 1, 2024 to August 27, 2024
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| | | $ | 8.32 | | | | | $ | 10.25 | | | | | $ | 1.22 | | | | | $ | 2.14 | | |
Quarter ended June 30, 2024
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| | | $ | 9.60 | | | | | $ | 10.99 | | | | | $ | 0.92 | | | | | $ | 2.54 | | |
Quarter ended March 31, 2024
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| | | $ | 8.86 | | | | | $ | 11.21 | | | | | $ | 1.34 | | | | | $ | 2.64 | | |
Quarter ended December 31, 2023
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| | | $ | 6.88 | | | | | $ | 10.49 | | | | | $ | 0.90 | | | | | $ | 2.67 | | |
Quarter ended September 30, 2023
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| | | $ | 8.58 | | | | | $ | 11.89 | | | | | $ | 1.80 | | | | | $ | 3.23 | | |
Quarter ended June 30, 2023
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| | | $ | 10.28 | | | | | $ | 12.90 | | | | | $ | 2.25 | | | | | $ | 3.28 | | |
Quarter ended March 31, 2023
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| | | $ | 10.50 | | | | | $ | 13.90 | | | | | $ | 1.58 | | | | | $ | 2.46 | | |
Quarter ended December 30, 2022
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| | | $ | 9.34 | | | | | $ | 14.71 | | | | | $ | 1.01 | | | | | $ | 2.51 | | |
Quarter ended September 30, 2022
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| | | $ | 9.52 | | | | | $ | 14.40 | | | | | $ | 0.90 | | | | | $ | 1.87 | | |
Computershare Inc.
150 Royall Street
Canton, MA 02021
48 Wall Street, 22nd Floor
New York, New York 10005
Banks and Brokers call: (212) 256-9086
Call Toll Free: (800) 829-6554
Email: [email protected]
4009 N. Rodney Parham Rd.
4th Floor
Little Rock, Arkansas 72212
Telephone: (501) 918-9358
of
Westrock Coffee Company
for
Shares of Common Stock
of
Westrock Coffee Company
and
Consent Solicitation
Computershare Inc.
150 Royall Street
Canton, MA 02021
48 Wall Street, 22nd Floor
New York, New York 10005
Banks and Brokers call: (212) 256-9086
Call Toll Free: (800) 829-6554
Email: [email protected]
787 7th Ave., 4th Floor
New York, New York 10019
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Signature
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Title
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Date
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/s/ Scott T. Ford
Scott T. Ford
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Chief Executive Officer and Director
(Principal Executive Officer) |
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August 28, 2024
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/s/ T. Christopher Pledger
T. Christopher Pledger
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Chief Financial Officer
(Principal Financial Officer) |
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August 28, 2024
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/s/ Blake Schuhmacher
Blake Schuhmacher
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Chief Accounting Officer
(Principal Accounting Officer) |
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August 28, 2024
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/s/ Joe T. Ford
Joe T. Ford
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Chairman of the Board, Director
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August 28, 2024
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/s/ R. Patrick Kruczek
R. Patrick Kruczek
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Director
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August 28, 2024
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/s/ Hugh McColl, III
Hugh McColl, III
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Director
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August 28, 2024
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/s/ R. Brad Martin
R. Brad Martin
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Director
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August 28, 2024
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/s/ Mark Edmunds
Mark Edmunds
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Director
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August 28, 2024
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Signature
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Title
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Date
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/s/ Josie C. Natori
Josie C. Natori
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Director
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August 28, 2024
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/s/ Leslie Starr
Leslie Starr
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Director
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August 28, 2024
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/s/ Oluwatoyin Umesiri
Oluwatoyin Umesiri
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Director
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August 28, 2024
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/s/ Jeffrey H. Fox
Jeffrey H. Fox
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Director
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August 28, 2024
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