Legacy Housing Announces IPO Pricing

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Legacy Housing Goes Public
Legacy Housing Corporation is set for its initial public offering.

$12 Per For Each of the New 4 Million Shares Offered by Legacy Housing

Legacy Housing Corp., trading under the symbol LEGH, announced pricing of its initial public offering of four million shares of common stock at a public offering price of $12 per share.

The Dallas-based builder is the fourth largest producer of manufactured homes in the United States. It is a recognized leader and innovator in the manufactured housing industry.

The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Legacy Housing, are expected to be $48 million.

All Common Stock in Offering from Legacy Housing

Legacy Housing has granted underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock at the IPO, less underwriting discounts and commissions.

Legacy Housing intends to use the net proceeds of the offering to expand its retail presence in the southern United States and surrounding geographic markets, provide financing solutions to select housing community-owner customers, repay debt and pursue possible acquisitions, and use the remainder for working capital and general corporate purposes.

The common stock is expected to begin trading on The Nasdaq Global Select Market on Dec. 14, 2018, under the ticker symbol “LEGH.” The offering is expected to close on Dec. 19, 2018, subject to satisfaction of customary closing conditions.

The offering is being made through an underwriting group led by B. Riley FBR Inc., Oak Ridge Financial and National Securities Corp., which are acting as joint book-running managers for the offering.

A registration statement relating to the shares being sold in this offering was declared effective by the SEC on Dec. 12, 2018. This offering is being made only by means of a prospectus. Copies of the final prospectus related to this offering may be obtained, when available, from: B. Riley FBR, Inc., Attention: Prospectus Department, 1300 14th Street North, Suite 1400, Arlington, Va., 22209, or by phone at (800) 846-5050 or by email at prospectuses@brileyfbr.com; Oak Ridge Financial, Attention: Joseph Sullivan, 701 Xenia Avenue South, Suite 100, Golden Valley, Minn., 55416, or by phone at (800) 231-8364 or by email at jsullivan@oakridgefinancial.com; or National Securities Corporation, Attention: Marguerite O’Brien, 200 Vesey Street, 25th Floor, New York, NY 10281, or by phone at (212) 417-8164 or by email at prospectusrequest@nationalsecurities.com.

About Legacy Housing Corporation

Legacy Housing builds, sells and finances manufactured homes and “tiny houses”. Homes are sold through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities.

The company is the fourth largest producer of manufactured homes in the United States. The ranking is determined by number of homes manufactured via information from the Manufactured Housing Institute and IBTS. Legacy offers customers an array of quality homes ranging in size from approximately 390 to 2,667 square feet.

The homes consist of one to five bedrooms and one to 3 1/2 bathrooms. Legacy homes range in price, at retail, from approximately $22,000 to $95,000.