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LeeWay Services (LEWY), a provider of freight brokerage, logistics and transportation services, has updated terms for a proposed $15M initial public offering.
The shipping company is now considering offering 3M shares priced at $5 per share. Underwriters would receive a 45-day option to buy up to 450K additional shares to cover any over-allotments. Think Equity is serving as lead bookrunner.
LeeWay hopes to list its shares on Nasdaq under the symbol LEWY. After the closing, WLP Corporation will own approximately 60.5% of the company’s voting stock or 57.9% if the underwriter’s over-allotment option is exercised in full.
The Utah-based company is profitable. For the six-month period ended June 30, 2022, LeeWay reported a net income of $667K on revenue of $19M.
In June, LeeWay indicated in an SEC filing that it was looking to raise around $18M.
For a more in-depth look at LeeWay, check out SA contributor Donovan Jones’s “LeeWay Services Finalized Proposed IPO Plan.”
Image and article originally from seekingalpha.com. Read the original article here.