Proficient Auto Logistics, Inc (PAL): M&A transaction — Proficient Auto Logistics completes acquisition of Auto Transport Group for $28.9M cash plus 1.07M shares

Proficient Auto Logistics, Inc

Cash consideration of ~$28.9M plus ~1.07M shares of PAL common stock; ~105K shares held back for indemnification.
ATG operates 76 tractors and 76 trailers providing vehicle transport in the Mountain Western region.
Registration rights agreement for resale of shares with lock-up periods of 9 and 12 months for half each.
Transaction funded from cash on hand and borrowings under available credit facilities.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Proficient Auto Logistics, Inc completed an acquisition involving Auto Transport Group, LC for approximately $28.9 million (after certain pre-closing adjustments) and issued to the sellers approximately 1.07 million shares (closed 2024-08-16).

Action: acquisition
Counterparty: Auto Transport Group, LC
Consideration: approximately $28.9 million (after certain pre-closing adjustments) and issued to the sellers approximately 1.07 million shares
Closing: 2024-08-16

Exact text from the filing

Mountain Western region utilizing a fleet of 76 tractors and 76 trailers. In connection with the Transaction, the Company paid the sellers cash consideration of approximately $28.9 million (after certain pre-closing adjustments) and issued to the sellers approximately 1.07 million shares of the Company’s Common Stock, approximately 105,000 of which have been held

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Proficient Auto Logistics, Inc filing history →

Source: SEC EDGAR

accession 0001213900-24-071158

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