M&A - Proficient Auto Logistics, Inc

Form Type: 10-Q

Filing Date: 2025-05-14

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025043436

Filing Summary: Proficient Auto Logistics, Inc. has reported substantial financial activity in their quarterly report for the period ending March 31, 2025. The report indicates that the company completed an initial public offering on May 13, 2024, and simultaneously acquired five operating businesses known as Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group, Proficient Auto Transport, and Tribeca Automotive. These actions were part of a strategic move to expand their operations in the auto transportation sector. Proficient is identified as the accounting acquirer of these businesses, reflecting significant growth in their operational capacity. Financial results indicate a decline in net income, reporting a loss of $3.19 million for the quarter, compared to a profit of approximately $1.18 million in the previous year. Current assets, including cash and receivables, totaled around $69.27 million, while total assets reached approximately $505.27 million. The report provides detailed financial metrics, including operating revenue of $95.21 million and significant operational expenses that impacted profitability. Also noted are the challenges posed by rising operational costs and the effect of acquisitions on company dynamics. This report provides insights into cash flows and overall financial health post-IPO and acquisitions, indicating a period of adjustment as the company integrates these entities into its operations.

Form Type: DEF 14A

Filing Date: 2025-04-08

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025029640

Filing Summary: Proficient Auto Logistics, Inc. is holding its 2025 Annual Meeting of Stockholders on May 6, 2025, in a virtual format. The agenda includes the election of eight directors who will serve until the 2026 annual meeting and the ratification of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The company recently completed its IPO in 2024 and the consolidation of its five founding companies, along with the acquisition of Auto Transport Group. Despite ongoing challenging market conditions, Proficient Auto Logistics is focused on building a robust operational foundation to leverage future opportunities. Stockholders of record as of March 10, 2025, are eligible to vote. Voting can be done via the internet or by phone. The meeting will also include highlights from 2024 and an outlook for 2025. The document emphasizes the importance of stockholder participation and offers details on voting procedures and the nominees for election.

Form Type: 10-K

Filing Date: 2025-03-31

Corporate Action: Acquisition

Type: New

Accession Number: 000101376225004352

Filing Summary: Proficient Auto Logistics, Inc. completed its initial public offering on May 13, 2024, and concurrently acquired five operating businesses known as the Founding Companies: Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group, Proficient Auto Transport, and Tribeca Automotive. These acquisitions involved approximately $178.5 million in cash and shares. Proficient has been identified as the accounting acquirer of the Founding Companies, leading to the integration of their operations. The company's business model focuses on providing specialized auto transportation and logistics services, operating a large fleet across North America. The strategic goal is to enhance service offerings, improve operational efficiencies, and expand market presence through further mergers and acquisitions.