WARREN, Mich. (AP) -- Trucking brokerage firm Universal Truckload Services Inc. has priced a public offering of 1 million shares at $23 each.
This is below the company's Thursday closing price of $25.40.
Universal Truckload is offering 25,000 shares, and a selling stockholder is offering 975,000 shares. The company won't receive any proceeds from shares sold by the selling stockholder, a trust of which board member Manuel J. Moroun is the grantor and Chairman Matthew T. Moroun, his son, is the trustee and a beneficiary.
Universal Truckload plans to use proceeds from the shares it sells to pay expenses related to the offering.
The selling stockholder is giving the underwriters an option to buy up to an additional 150,000 shares.
After the stock sale, Chairman Moroun and trusts controlled by him and his father will continue to own 78.4 percent of Universal Truckload's outstanding stock, or 77.9 percent if the underwriters exercise their overallotment option.
The offering is expected to close on Wednesday.
The Warren, Mich. company's stock dropped $1.29, or 5.1 percent, to $24.11 in afternoon trading. Over the past year, the shares have traded in a range of $13.87 to $29.99.