Proficient Auto Logistics Announces Pricing of Initial Public Offering
09 Mai 2024 - 2:56AM
Business Wire
Proficient Auto Logistics, Inc. (NASDAQ: PAL) (the “Company”)
today announced the pricing of its initial public offering of
14,333,333 shares of its common stock at a public offering price of
$15.00 per share, for total gross proceeds of approximately $215.0
million, before deducting underwriting discounts and commissions
and estimated offering expenses payable by the Company. All of the
common stock is being offered by the Company. The underwriters will
have a 30-day option to purchase up to an additional 2,149,999
shares of common stock from the Company. The shares are expected to
begin trading on the Nasdaq Global Market on May 9, 2024 under the
ticker symbol “PAL.” The offering is expected to close on May 13,
2024, subject to the closing of the Combinations (as described
further below) and customary closing conditions.
Prior to the offering, the Company entered into agreements to
acquire in multiple, separate acquisitions (the “Combinations”)
five operating businesses and their respective affiliated entities,
as applicable, operating under the following names: Delta Auto
Transport, Inc, Deluxe Auto Carriers, Inc., Sierra Mountain Group,
Inc., Proficient Auto Transport, Inc. and Tribeca Automotive Inc.
(collectively, the “Founding Companies”). The net proceeds from the
offering will be used to pay the cash portion of the consideration
payable to the equity holders of the Founding Companies, expenses
in connection with the Combinations and for general corporate
purposes, which are expected to include working capital and future
acquisitions. The Company will not close the acquisition of any of
the Founding Companies unless the Company closes the acquisition of
all the Founding Companies. Furthermore, the closing of the
Combinations and the offering are conditioned on the closing of
each other.
Stifel, Nicolaus & Company, Incorporated, Raymond James
& Associates, Inc. and William Blair & Company, L.L.C. are
acting as joint book-running managers.
A registration statement on Form S-1 relating to the offering of
these securities was declared effective by the U.S. Securities and
Exchange Commission on May 8, 2024. The offering is being made only
by means of a prospectus. When available, copies of the final
prospectus relating to the offering may be obtained from: Stifel,
Nicolaus & Company, Incorporated, One South Street, 15th Floor,
Baltimore, MD 21202, Attention: Syndicate Department, email:
Syndprospectus@stifel.com; Raymond James & Associates, Inc.,
880 Carillon Parkway, St. Petersburg, Florida 33716, Attention:
Equity Syndicate, 1-800-248-8863, prospectus@raymondjames.com;
William Blair & Company, L.L.C., Attention: Prospectus
Department, 150 North Riverside Plaza, Chicago, IL 60606, by
telephone at (800) 621-0687, or by email at
prospectus@williamblair.com; or by visiting EDGAR on the SEC’s
website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Proficient Auto Logistics
We are a leading non-union, specialized freight company focused
on providing auto transportation and logistics services. Formed in
connection with this offering through the combination of five
industry-leading operating companies, we will operate one of the
largest auto transportation fleets in North America. We offer a
broad range of auto transportation and logistics services,
primarily focused on transporting finished vehicles from automotive
production facilities, marine ports of entry, or regional rail
yards to auto dealerships around the country.
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version on businesswire.com: https://www.businesswire.com/news/home/20240508777106/en/
Brad Wright Chief Financial Officer Phone: 904-506-4317 email:
Investor.relations@proficientautologistics.com
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