Shentel closes $309.9M tower sale to Vertical Bridge, files pro forma results

SHENANDOAH TELECOMMUNICATIONS CO/VA/

Sale of tower portfolio to Vertical Bridge for $309.9M cash closed March 29, 2024.
Pro forma 2023 revenue falls from $287.4M to $269.1M after removing tower operations.
Pro forma 2023 continuing ops net income $1.0M ($0.02 EPS) vs historical $8.0M ($0.16 EPS).
Pro forma cash at Dec 31, 2023: $444.3M vs historic $139.3M from sale proceeds.
Filing updates pro forma financial statements for the years 2021-2023 as required by Item 9.01.

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