CHATTANOOGA, Tenn.--(BUSINESS WIRE)--U.S. Xpress Enterprises, Inc. (“U.S. Xpress” or the “Company”) today announced the launch of its initial public offering of 18,056,000 shares of its Class A common stock. The initial public offering price is expected to be between $18.00 and $20.00 per share. U.S. Xpress is issuing and selling up to 16,668,000 shares and the selling stockholders named in the registration statement are selling up to 1,388,000 shares. U.S. Xpress will not receive any proceeds from the sale of shares by the selling stockholders. The Company’s Class A common stock has been approved for listing on the New York Stock Exchange under the symbol “USX,” subject to official notice of issuance.
In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,708,400 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.
BofA Merrill Lynch and Morgan Stanley are acting as lead book-running managers for the offering. J.P. Morgan and Wells Fargo Securities are acting as additional book-running managers, and Stephens Inc., Stifel, and Wolfe Capital Markets and Advisory are acting as co-managers for the offering.
The offering of these securities is being made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at email@example.com and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About U.S. Xpress Enterprises, Inc.
Founded in 1985, U.S. Xpress Enterprises, Inc. is the nation's fifth largest asset-based truckload carrier by revenue, providing services primarily throughout the United States. We offer customers a broad portfolio of services using our own truckload fleet and third-party carriers through our non-asset-based truck brokerage network. Our modern fleet of tractors is backed up by a team of committed professionals whose focus lies squarely on meeting the needs of our customers and our drivers.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements about the proposed offering, which are subject to risks and uncertainties, including, but not limited to: changes in general economic, business, and political conditions, including changes in the financial and capital markets; changes in overall Company performance; and other risks detailed in “Special Note Regarding Forward-Looking Statements,” “Risk Factors,” and other sections of the Company’s registration statement. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of risk factors and uncertainties discussed in documents filed by U.S. Xpress with the Securities and Exchange Commission. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.