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Subsequent Events | 3 Months Ended
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Jan. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events | Note 16. Subsequent Events On February 7, 2024, the Company entered into Amendment No. 2 (the “ABL Facility Amendment”) to the 2021 ABL Facility. The ABL Facility Amendment revised the definition of Fixed Charges under the 2021 ABL Facility to exclude the Special Cash Dividend from the definition of Fixed Charges. On February 16, 2024 the Company paid the previously declared Special Cash Dividend equal to $3.00 per share of common stock to shareholders of record on February 9, 2024. The Special Cash Dividend was funded with cash on hand and borrowings under the 2021 ABL Facility. On February 20, 2024, the Company closed the previously announced registered underwritten public offering of 18,400,000 shares of its common stock by the Sponsor. 10,400,000 of these shares were sold to the public at the public offering price of $16.50 per share. The Company repurchased from the underwriters 8,000,000 of the shares at a price per common share of approximately $15.76, which is equal to the price paid by the underwriters to the Sponsor. The Company funded the repurchase with borrowings under the 2021 ABL Facility. The Company did not sell any shares of common stock and did not receive any proceeds in connection with this offering. After the closing of the public offering and concurrent share repurchase, the Sponsor beneficially owns approximately 17.7% of REV Group’s voting shares. On February 29, 2024, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $0.05 per share of common stock, which equates to a rate of $0.20 per share of common stock on an annualized basis, payable on April 12, 2024 to shareholders of record on March 28, 2024.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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