WASHINGTON (dpa-AFX) - Proficient Auto Logistics Inc. (PAL) announced the pricing of its initial public offering of about 14.33 million 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.
The underwriters will have a 30-day option to purchase up to an additional 2.15 million 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.
The company noted that it will use net proceeds from the offering 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.
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