Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, March 10, 2023

Article Excerpt

UTZ BRANDS INC., $16.64, symbol UTZ on New York, is a Pennsylvania-based maker of salty snacks. Its brands include Utz Original potato chips, On the Border Chips & Dips, Zapp’s, Good Health, Boulder Canyon, Tortiyahs, and others. Founded in 1921, Utz began trading on the New York exchange in June 2020. Rather than list through an IPO, the company undertook a reverse merger with Collier Creek Holdings. Collier Creek is what is known as a blank-check company, formed in part to find another company to combine with or acquire. By agreeing to a reverse merger with Collier Creek, Utz was able to avoid all the complications and costs involved with going public through an IPO. After the merger closed, Collier Creek changed its name to Utz Brands and remains listed on New York under the new ticker symbol UTZ. The company continues to expand its product distribution. In October 2022, it announced plans to expand its portfolio of snack foods to all 112 Schnucks Markets…