07:26 AM EDT, 06/27/2024 (MT Newswires) -- Target Hospitality ( TH ) said Thursday that the company is revising its 2024 outlook due to multiple factors including the US government's intention to terminate the South Texas Family Residential Center contract and variable revenue contribution from the Pecos Children's Center community.

The company now expects revenue for the year of $375 million to $385 million, compared with $410 million to $425 million anticipated previously. Three analysts surveyed by Capital IQ expect $396.1 million.

The company also said that it has formed a special committee of independent directors to review and evaluate the unsolicited non-binding proposal from Arrow Holdings to acquire all the outstanding shares of common stock of Target Hospitality ( TH ) for $10.80 per share in cash.

Target Hospitality's ( TH ) shares were up more than 5% during premarket activity on Thursday.

Price: 7.85, Change: +0.44, Percent Change: +5.94