Proficient Auto Logistics Announces IPO Pricing

This section is

from Business Wire

Published on May 8, 2024 • 3 minutes reading time

JACKSONVILLE, Fla. – 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 an aggregate public offering price of $15.00 per share for gross proceeds of approximately $215.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. All common shares are being offered by the Company. The underwriters 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 below) and customary closing conditions.

Advertising 2

Article content

Prior to the Offering, the Company entered into agreements to acquire, in several separate acquisitions (the “Combinations”), five operating companies and their respective affiliates (if 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 “Founder Companies”). The net proceeds from the offering will be used to pay the cash portion of the consideration payable to the shareholders of the forming companies, expenses related to the mergers and for general corporate purposes, which are expected to include working capital and future acquisitions. The Company will not complete the acquisition of any of the Founding Companies unless the Company completes the acquisition of all of the Founding Companies. In addition, the completion of the mergers and the offer are dependent on mutual completion.

Article content

Stifel, Nicolaus & Company, Incorporated, Raymond James & Associates, Inc. and William Blair & Company, LLC are acting as joint bookrunners.

A registration statement on Form S-1 relating to the offering of these securities was declared effective by the Securities and Exchange Commission on May 8, 2024. The offer is made exclusively 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, at: Attn. Syndicate Department, email: [email protected]; Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, Attention: Equity Syndicate, 1-800-248-8863, [email protected]; William Blair & Company, LLC, e.g. Attn: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687 or by email at [email protected]; 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 may occur prior to Registration would be unlawful to qualify under the securities laws of any such state or jurisdiction.

Advertising 3

Article content

About Proficient Auto Logistics

We are a leading non-union, specialty freight company focused on providing auto transportation and logistics services. As part of this offering, we were formed through the merger of five industry-leading operating companies and will operate one of the largest auto transport fleets in North America. We offer a wide range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automobile manufacturing plants, seaports or regional train stations to car dealerships across the country.