secwatch.observer — SEC 8-K summary
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Issuer:     PATRIOT TRANSPORTATION HOLDING, INC. (—)
CIK:        0001616741
Form:       8-K
Filed at:   2023-12-21T23:59:59+00:00
Accession:  0001140361-23-058857
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 1.02, 2.01, 2.03, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Patriot Transportation acquired by United Petroleum Transports for $16.26/share; total value ~$66.2M
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- All outstanding shares acquired for $16.26 per share cash; merger valued at approximately $66.2M.
- Patriot delisted from Nasdaq; becomes privately held subsidiary of United Petroleum Transports.
- Prior board resigned; new directors from acquirer appointed; officers remain unchanged.
- New credit facilities: $40M revolver, $17.2M term bridge from BMO, and $10M term loan from NBC Oklahoma.
- Combined entity creates top ten bulk tank carrier with over 1,000 drivers and 30 terminals.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1616741/000114036123058857/0001140361-23-058857-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1616741/000114036123058857/ef20016766_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-058857

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer