U.S. Xpress Enterprises, Inc. Announces Closing of Initial Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--U.S. Xpress Enterprises, Inc. (“U.S. Xpress” or the “Company”) announced today that it has closed its initial public offering of 18,056,000 shares of its Class A common stock and the full exercise of the underwriters’ option to purchase 2,708,400 additional shares, at an initial public offering price of $16.00 per share. U.S. Xpress sold 16,668,000 shares and the selling stockholders named in the registration statement sold 4,096,400 shares, including the shares sold upon exercise of the underwriters’ option to purchase additional shares. Total net proceeds to U.S. Xpress from the offering, after deducting underwriting discounts and commissions but before expenses, were approximately $250.0 million. The Company’s Class A common stock began trading on the New York Stock Exchange under the symbol “USX” on June 14, 2018.

BofA Merrill Lynch and Morgan Stanley acted as lead book‐running managers for the offering. J.P. Morgan and Wells Fargo Securities acted as additional book‐running managers, and Stephens Inc., Stifel, and Wolfe Capital Markets and Advisory acted as co‐managers for the offering.

The offering of these securities was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from BofA Merrill Lynch, NC1‐004‐03‐43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255‐0001, Attention: Prospectus Department, or by email at [e-mail] and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

A registration statement on Form S-1 relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About U.S. Xpress Enterprises, Inc.

Founded in 1985, U.S. Xpress Enterprises, Inc. is the nation's fifth largest asset‐based truckload carrier by revenue, providing services primarily throughout the United States. We offer customers a broad portfolio of services using our own truckload fleet and third‐party carriers through our non‐asset‐based truck brokerage network. Our modern fleet of tractors is backed up by a team of committed professionals whose focus lies squarely on meeting the needs of our customers and our drivers.

Contacts

U.S. Xpress Enterprises, Inc.
Media Relations
Danna Bailey
VP, Corporate Communications
[e-mail]
or
Investor Relations
Brian Baubach
Sr. VP, Corporate Finance
[e-mail]