Proficient Auto Logistics Announces Partial Exercise of IPO Over-Allotment Option
June 04 2024 - 5:27PM
Business Wire
As previously announced, in connection with its initial public
offering (“IPO”), Proficient Auto Logistics, Inc. (NASDAQ: PAL)
(the “Company”) granted the underwriters of its IPO a customary
30-day over-allotment option to buy up to an additional 2,149,999
shares of common stock from the Company at the IPO price, less
underwriting discounts and commissions. The Company today announced
the sale of 1,435,000 shares of its common stock pursuant to the
partial exercise of the over-allotment option. The shares were sold
at the initial public offering price of $15.00 per share for total
gross proceeds of approximately $21.5 million, before deducting
underwriting discounts and commissions and estimated offering
expenses payable by the Company. All of the shares of common stock
were sold by the Company.
Stifel, Nicolaus & Company, Incorporated, Raymond James
& Associates, Inc. and William Blair & Company, L.L.C.
acted as joint book-running managers of the Company’s initial
public offering.
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 was made only by
means of a prospectus, copies of which 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. Through
the combination of five industry-leading operating companies in
conjunction with our IPO in May 2024, we 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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Brad Wright Chief Financial Officer and Secretary Phone:
904-506-4317 email:
Investor.relations@proficientautologistics.com
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