Incannex Healthcare stock tumbles after filing $100M offering
PAMT Corp (NASDAQ:PAMT), a Nevada-based trucking company with a market capitalization of $327 million, disclosed several significant corporate changes on May 8, 2025, as per its recent SEC filing. According to InvestingPro analysis, the company is currently trading slightly above its Fair Value amid challenging financial conditions. Joseph A. Vitiritto, the company’s President and CEO, is set to resign on June 27, 2025, for family reasons. The Board has appointed Matthew T. Moroun, the current Chairman, as interim President and CEO effective the same date. Moroun previously held the interim CEO position from May to August 2020 and has been on the Board since 1992. This leadership transition comes as the company faces operational challenges, with revenue declining by 11% in the last twelve months to $687 million.
In addition to the leadership changes, PAMT Corp has updated its indemnification agreement for directors and executive officers to align with the company’s recent reincorporation in Nevada. The revised agreement, which was approved by the Board on May 8, mandates the company to indemnify its directors and executive officers to the fullest extent permitted by Nevada law. Despite current challenges, the company maintains a healthy current ratio of 1.61, indicating sufficient liquid assets to meet short-term obligations.
At the Annual Meeting of Shareholders, also held on May 8, nine directors were elected to the Board, and Grant Thornton LLP was ratified as the company’s independent registered public accounting firm for 2025.
The company’s SEC filing provides further details on these matters and includes the full text of the Amended and Restated Indemnification Agreement. The changes come as the company continues to navigate the trucking industry, with the Board actively searching for a permanent CEO.
In other recent news, Parametric Sound has reported earnings that fell short of expectations, as highlighted by Stephens analysts. The company has been grappling with challenges in the transportation and logistics sector, particularly in the automotive market, which has seen decreased volumes and plant downtimes. These difficulties have led Stephens to adjust their earnings estimates downward for 2025 and 2026, despite Parametric Sound’s efforts to negotiate contract rate increases with shippers. Consequently, Stephens has revised its price target for Parametric Sound to $12.50, maintaining an Equal Weight rating.
Additionally, PAMT Corp has increased the minimum tender offer price for its ongoing share buyback to $14.50 per share, up from $14.00. This modified Dutch auction tender offer aims to repurchase up to 435,000 shares, with the maximum price remaining at $17.00 per share. The offer is set to expire on May 1, 2025, unless extended or withdrawn, and stockholders can withdraw tendered shares before the expiration.
In another development, Stephens has also lowered Parametric Sound’s price target to $16.50 from $19.00, following its fourth-quarter earnings report for 2024, which did not meet expectations. The company has faced persistent issues in the TL market and increased operational ratio deleverage due to diminished tractor productivity. Despite some positive developments, such as managing insurance costs and potential rate improvements, these are not enough to fully counterbalance the revenue challenges. Stephens continues to maintain an Equal Weight rating on Parametric Sound.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.