Proficient Auto Logistics, Inc. has reported on August 16, 2024, that it has entered into a Registration Rights Agreement with certain former members of Auto Transport Group, LC (ATG) following the completion of a merger. Under this agreement, the company will register shares of common stock issued through the transaction and provide certain registration rights. The company completed the acquisition of ATG, a vehicle transportation and shipping services provider with a fleet of 76 tractors and trailers, paying approximately $28.9 million in cash and issuing roughly 1.07 million company shares to the sellers. Details of the Registration Rights Agreement are found in Exhibit 4.1 attached to the report. The company issued forward-looking statements regarding the potential benefits and integration of the acquired business. The financial officer and secretary Brad Wright authorized the report on August 20, 2024.
Names Mentioned: - Proficient Auto Logistics, Inc. - Auto Transport Group, LC (ATG) - PAL Stock Acquiror, Inc. - PAL Merger Sub, LLC - Chris Baldwin - Brad Wright