Reported Earlier, Proficient Auto Logistics Prices Initial Public Offering 14,333,333 Common Shares At $15/Share
Portfolio Pulse from Benzinga Newsdesk
Proficient Auto Logistics has priced its IPO at $15 per share, offering 14,333,333 shares for total proceeds of approximately $215 million. The funds will be used for acquisitions of five operating businesses (Delta Auto Transport, Inc, Deluxe Auto Carriers, Inc., Sierra Mountain Group, Inc., Proficient Auto Transport, Inc., and Tribeca Automotive Inc.), covering the cash consideration for these acquisitions, expenses related to the combinations, and for general corporate purposes.
May 09, 2024 | 7:53 am
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Proficient Auto Logistics has launched its IPO at $15 per share, aiming to raise $215 million. The proceeds are designated for acquisitions of five businesses and general corporate needs.
The successful pricing of Proficient Auto Logistics' IPO at $15 per share, aiming to raise substantial funds, is a positive signal for investors. The clear allocation of proceeds for strategic acquisitions and corporate purposes indicates a focused growth strategy. This could lead to increased investor confidence in PAL's future prospects, potentially driving up its stock price in the short term.
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