HCI Equity Partners said it will put up shares in the Wisconsin-based asset-light transportation and logistics company at $24.75 a share, just one week after Roadrunner reported its second quarter profits rose 20 percent.
The asset-light transportation and logistics provider Roadrunner Transportation Systems said Tuesday that the institutional investor HCI Equity Partners will sell 2 million shares of common stock.
The shares, priced at $24.75, will available through Aug. 7, with HCI making 300,000 additional shares available to cover over-allotments, Roadrunner said. In a statement from the Cudahy, Wisc.-based 3PL, Roadrunner emphasized it is not issuing shares and the company won’t receive any proceeds from the sale of the shares by the selling stockholders in this offering.
The offering is being made only via a prospectus and related prospectus supplement with electronic copies of both documents available on the Securities and Exchange Commission’s website.
The announcement comes after Roadrunner last week reported a 20 percent year-over-year increase in operating profits for the second quarter of 2015. The investment bank Stifel has placed a “hold” rating on Roadrunner’s stock, preferring it at less than $24 per share.
Roadrunner investor HCI to sell 2m shares
