PHOENIX, Dec. 19,
2023 /PRNewswire/ -- Universal
Technical Institute, Inc. (NYSE: UTI) (the "Company"), a
leading workforce solutions provider of transportation, skilled
trades and healthcare education programs, today announced that it
achieved the Company conversion option and thus has effected the
conversion of all the Company's Series A Preferred Stock into
Common Stock, effective December 18,
2023. The Company's outstanding Common Stock increases by
19.3 million shares as a result of the conversion.
Immediately prior to the conversion, the Company purchased
33,300 shares of Series A Preferred Stock convertible into
1,000,000 shares of Common Stock owned by Coliseum Capital
Management, LLC ("Coliseum") and certain affiliates. In addition,
the Company announced that its board of directors appointed to the
board as a Class III director Chris
Shackelton, Co-founder and Managing Partner of Coliseum.
Mr. Shackelton previously served UTI as a director designated
by the holders of the Series A Preferred Stock.
"This represents an important milestone for our Company," said
Jerome Grant, Chief Executive
Officer, Universal Technical Institute,
Inc. "We continue to benefit from the support of our longtime
investment partners at Coliseum and Chris
Shackelton, whose leadership we appreciate."
Chris Shackelton said, "We are
grateful for the tremendous partnership with UTI over the past
seven years. The Company's progress has been remarkable, and we
congratulate Jerome and the leadership team. Looking
ahead, UTI has meaningful untapped potential, and we are
excited to continue helping to build shareholder value."
About Universal Technical
Institute, Inc.
Universal Technical Institute, Inc.
(NYSE: UTI) (the "Company") was founded in 1965 and is a leading
workforce solutions provider of transportation, skilled trades and
healthcare education programs whose mission is to serve students,
partners and communities by providing quality education and support
services for in-demand careers across a number of highly skilled
fields. The Company is comprised of two divisions: Universal Technical Institute ("UTI") and Concorde
Career Colleges ("Concorde"). UTI operates 16 campuses located in 9
states and offers a wide range of transportation and skilled trades
technical training programs under brands such as UTI, MIAT College
of Technology, Motorcycle Mechanics Institute, Marine Mechanics
Institute and NASCAR Technical Institute. Concorde operates across
17 campuses in 8 states, offering programs in the allied health,
dental, nursing, patient care and diagnostic fields. For more
information, visit www.uti.edu or www.concorde.edu, visit us on
LinkedIn at @UniversalTechnicalInstitute and @Concorde Career
Colleges or on X (formerly Twitter) @news_UTI or
@ConcordeCareer.
Media Contact:
Susan Aspey
Vice President, Corporate Affairs & External Communications
Universal Technical Institute,
Inc.
(202)
549-0534
saspey@uti.edu
Investor Relations
Contact:
Matt
Glover or Jackie
Keshner
Gateway Group,
Inc.
(949)
574-3860
UTI@gatewayir.com
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SOURCE Universal Technical
Institute, Inc.