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Unique Logistics public offering to net at least $35.5M

Proceeds to be used to advance growth strategy, including acquisitions

Unique Logistics files for public offering (Photo: Jim Allen/FreightWaves)

Third-party logistics provider Unique Logistics filed Tuesday for a public offering with an estimated deal size of $41 million, according to IPO Pro. Pricing terms of the transaction were not disclosed but the company said it expects to receive net proceeds of $35.5 million without the benefit of a customary 15% over-allotment option.

New York-based Unique Logistics (OTC: UNQL) currently trades over the counter with a market cap of $22.9 million. The proceeds from the deal are expected to be used for general corporate purposes, which includes working capital and acquisitions.

Unique Logistics plans to list its common stock on the Nasdaq under the same ticker.

The company was established as a single U.S. entity via reverse merger a year ago. The original parent company began in Hong Kong in 1983. Last year, the three U.S. holdings were combined with the holding company retaining a minority interest. The structure allows the U.S. operation to acquire Unique Logistics outfits in Asia that are still under the original ownership.


Unique Logistics reported consolidated revenue of $372 million, up 223% year-over-year, for the year ended May 31, its first full year in operation. The bulk of the company’s revenue was generated from ocean and air freight forwarding services, with the comparison to the prior year reflective of the aggregate results of the acquired entities prior to acquisition.

Adjusted EBITDA was $8.9 million for the same period.

When it reported full-year results last month, the company announced it was “ready to accelerate our growth strategy,” which includes organic growth initiatives and acquisitions. The company is also pursuing growth in warehousing and distribution and is offering specialized logistics services in Asia to U.S. companies.

Unique Logistics has been aggressive buying air cargo capacity, with management saying it sees “continuing strong demand for international logistics services in the year ahead” when it reported results in September.


Shares of UNQL were off 20% Tuesday at 3 cents per share as the new shares will be dilutive to existing shareholders.

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.