By Connor Hart
Shares of Pamt jumped after the company commenced a self-tender offer to purchase up to 435,000 shares.
The stock rose 25%, to $13.91, in late trading. Through Thursday's close, shares have lost more than a quarter of their value in the past year.
The Tontitown, Ark., company said that it will purchase up to 435,000 shares, or about 2% of its outstanding common stock, under the offer, which it called a modified Dutch auction. The company won't pay less than $14 a share or more than $17 a share, it said.
The company, which provides truckload and logistics services through its subsidiaries, expects to pay for the shares using available cash and cash equivalents, though it may utilize funds borrowed under its existing line of credit.
Pamt said its board determined a self-tender offer was in the company's best interest, citing its current financial condition and stock price.
The offer is set to expire at 5 p.m. EDT on May 1, unless extended or withdrawn.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 03, 2025 18:42 ET (22:42 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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