ATS Announces C$163 Million Secondary Offering of Common Shares

CAMBRIDGE, Ontario, March 27, 2024 (GLOBE NEWSWIRE) -- ATS Corporation (TSX: ATS) (NYSE: ATS) (“ATS” or the “Company”) has announced today that it has entered into an agreement with a fund managed by Mason Capital Management LLC (the “Selling Shareholder”) and Scotiabank (the “Underwriter”), acting as Sole Bookrunner, pursuant to which the Underwriter has agreed to purchase, on a bought deal basis, 3,500,000 common shares of ATS (the “Shares”) from the Selling Shareholder, at a price of C$46.55 per Share for gross proceeds to the Selling Shareholder of approximately C$163 million (the “Offering”). The Offering is expected to close on or about April 3, 2024 (the “Closing”).

The Selling Shareholder has granted the Underwriter an over-allotment option, exercisable, in whole or in part, at any time until and including 30 days following the Closing of the Offering, to purchase up to an additional 147,000 Shares.

All of the shares in the Offering will be sold by the Selling Shareholder. The Company will not receive any proceeds from the sale of the Shares by the Selling Shareholder.

The Selling Shareholder notes, “As a long-time investor in ATS, Mason remains committed to the Company as reflected by our significant ownership stake. We are proud of the Company's growth and achievements to date. We look forward to our ongoing partnership with the Company's management team, board and other stakeholders to continue driving growth and increasing shareholder value, and have full confidence in management and ATS’ value creation strategies.”

As part of the Offering, the Selling Shareholder has agreed, subject to certain exceptions, not to sell any Shares or other securities of ATS held by the Selling Shareholder as of the Closing for a period of 180 days from the Closing.

The Shares are being offered for sale pursuant to the Offering in all of the provinces and territories of Canada, other than Quebec, by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated March 27, 2024 (the “Base Shelf Prospectus”). The Company has filed a registration statement on Form F-10 (the “Registration Statement”) (including the Base Shelf Prospectus) and the Prospectus Supplement with the U.S. Securities and Exchange Commission (the “SEC”) in accordance with the multi-jurisdictional disclosure system established between Canada and the United States for the Offering. Before you invest, you should read the Base Shelf Prospectus, the Prospectus Supplement, when available, the documents incorporated by reference therein, the Registration Statement containing such documents and other documents the Company has filed with the SEC, for more complete information about the Company and the Offering. When available, these documents may be accessed for free on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.com. You may also get these documents for free by visiting the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system on the SEC website at www.sec.gov.