Proficient Auto Logistics (NASDAQ:PAL) stock is a hot topic on Thursday as the auto transportation and logistics services company’s shares start trading today.
Let’s get into everything investors need to know about PAL stock now that it’s trading on a public exchange!
What to Know About PAL Stock
- Proficient Auto Logistics shares started trading today following an initial public offering (IPO) for PAL stock.
- That IPO saw the company raise $215 million with the sale of 14.3 million shares for $15 apiece.
- That IPO price was at the midpoint of Proficient Auto Logistics’ expected range of $14 to $16 per share.
- It’s also worth noting that underwriters have a 30-day option to purchase another 2.14 million shares of PAL stock at the IPO price.
- The joint book-running managers for the IPO are Stifel, Nicolaus & Company, Raymond James & Associates and William Blair & Company.
- Before the IPO, Proficient Auto Logistics acquired Delta Auto Transport, Deluxe Auto Carriers, Sierra Mountain Group, Proficient Auto Transport and Tribeca Automotive.
- The company intends to use funds from the offering to pay equity holders of these founding companies, expenses connected to the combinations and for general corporate purposes.
PAL stock is down 1.5% as of Thursday afternoon with some 2.3 million shares traded.
There are more stock market stories for traders to read about today!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
