JOC Staff | Jan 03, 2013 9:12AM EST
Cudahy, Wis.-based logistics company Roadrunner Transportation Systems has announced that the underwriters for its recent public offering of common stock exercised in full their over-allotment option to purchase an additional 525,000 shares of $17.25 per share to the public.
Net proceeds from the sale of the additional shares are expected to be about $8.5 million. After deducting the underwriting discount and estimated expenses, total net proceeds will be worth $63.4 million, which will be used to reduce the company’s outstanding debt.
The closing of the sale of the additional shares is expected to occur on Jan. 4.
