Proficient Auto Logistics announced the pricing of its initial public offering of 14,333,333 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
Prior to the offering, the Company entered into agreements to acquire in multiple, separate acquisitions (the "Combinations") five operating businesses and their respective affiliated entities, as 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 "Founding Companies"). The net proceeds from the offering will be used 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.