06:16 AM EDT, 05/09/2024 (MT Newswires) -- Proficient Auto Logistics, Inc. (PAL) said Wednesday that it priced its initial public offering of about 14.3 million shares of its common stock at $15 per share, for total gross proceeds of about $215 million.

The underwriters will have a 30-day option to buy up to an additional 2.15 million shares of common stock from the company.

The shares are expected to start trading on the Nasdaq Global Market on Thursday under the ticker symbol PAL. The offering is expected to close on May 13.

Before the IPO, the company entered agreements to acquire five operating businesses. The net proceeds will be used to fund those acquisitions as well as for general corporate purposes.