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TONTITOWN, Ark. - PAMT Corp (NASDAQ: PAMT), a holding company with subsidiaries in the transportation sector and a market capitalization of approximately $301 million, has announced an increase in the minimum purchase price for its ongoing tender offer. The company's stock currently trades at $13.81, significantly below its 52-week high of $23.70. The company is now offering to buy back shares of its common stock at a price not less than $14.50, up from the previously stated $14.00. The maximum price remains at $17.00 per share.
This modified Dutch auction tender offer aims to repurchase up to 435,000 shares. Stockholders who have already tendered shares using the initially circulated Letter of Transmittal will be subject to the new minimum price. Any shares previously tendered below $14.50 will be considered as tendered at the increased price. According to InvestingPro data, PAMT operates with a significant debt burden, with a debt-to-equity ratio of 1.17 and total debt of $325.58 million.
The terms and conditions of the tender offer, which commenced on April 3, 2025, are otherwise unchanged. The offer is set to expire at 5:00 p.m., Eastern Time, on May 1, 2025, unless it is extended or withdrawn. Shares tendered can be withdrawn by the stockholders at any time before the offer's expiration.
PAMT Corp has engaged Computershare Trust Company, N.A., and its parent company, Computershare, Inc., as the depositary for the tender offer, and Georgeson LLC as the information agent.
The company specializes in providing truckload dry van carrier services, transporting general commodities across the continental United States, Ontario and Quebec in Canada, and has gateway operations in Laredo and El Paso, Texas for services in Mexico. The company generated revenues of $714.65 million in the last twelve months, though InvestingPro analysis reveals concerning trends about cash burn and profitability. Subscribers can access 8 additional ProTips about PAMT's financial health and future prospects.
This press release serves as an informational notice and does not constitute an offer to buy or a solicitation of an offer to sell PAMT's common stock. The tender offer is made solely through the Offer to Purchase and related documents filed with the Securities and Exchange Commission, which stockholders are advised to read carefully for full details on the offer's terms and conditions.
For further information or assistance regarding the tender offer, stockholders can contact the information agent, Georgeson LLC, toll-free at (877) 354-2732. The documents related to the tender offer are available free of charge on the SEC's website and from the information agent. With the stock down nearly 26% over the past six months and trading below its Fair Value, investors seeking deeper insights into PAMT's financial health and growth prospects can access comprehensive analysis through InvestingPro.
This update is based on a press release statement from PAMT Corp.
In other recent news, Parametric Sound reported its fourth-quarter 2024 earnings, which fell short of analysts' expectations. The company's adjusted earnings per share were negatively impacted by ongoing challenges in the TL market and increased operational ratio deleverage due to reduced tractor productivity. The automotive sector, a key market for Parametric Sound, experienced frequent and prolonged plant shutdowns, contributing to the earnings miss. These challenges are expected to persist into early 2025, affecting the company's performance.
Stephens analysts responded by lowering their price target for Parametric Sound from $19.00 to $16.50 while maintaining an Equal Weight rating. They also revised downward their earnings estimates for 2025 and 2026, citing a slower recovery in productivity and cost leverage. Despite these setbacks, Parametric Sound has managed to outperform its peers in controlling insurance costs, which, along with anticipated improvements in over-the-road rates, may help mitigate some revenue pressures. However, Stephens noted that these positive factors are not enough to fully offset the revenue challenges faced by the company.
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