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Proficient Auto Logistics, Inc. – IPO: ‘S-1/A’ on 4/23/24

On:  Tuesday, 4/23/24, at 2:47pm ET   ·   Accession #:  1213900-24-35321   ·   File #:  333-278629

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/23/24  Proficient Auto Logistics, Inc.   S-1/A                 19:1.2M                                   EdgarAgents LLC/FA

Initial Public Offering (IPO):  Pre-Effective Amendment to Registration Statement (General Form)   —   Form S-1   —   SA’33

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-1/A       Pre-Effective Amendment to Registration Statement   HTML    169K 
                (General Form)                                                   
 2: EX-1.1      Form of Underwriting Agreement                      HTML    220K 
 3: EX-3.3      Form of Third Amended and Restated Certificate of   HTML     33K 
                Incorporation of the Registrant, to Be in Effect                 
                Upon the Completion of This Offering                             
 4: EX-3.4      Form of Amended and Restated Bylaws, to Be in       HTML    112K 
                Effect Upon the Completion of This Offering                      
 5: EX-4.2      Form of Registration Rights Agreement, Between the  HTML    106K 
                Company and Certain Holders of the Company's                     
                Common Stock                                                     
 6: EX-10.1     Form of Indemnification Agreement, Between the      HTML    124K 
                Company and Its Directors and Officers                           
 7: EX-10.2     Proficient Auto Logistics, Inc. 2024 Long-Term      HTML    271K 
                Incentive Plan, and Forms of Award Agreements                    
 8: EX-10.3     2024 Non-Employee Director Compensation Policy      HTML     12K 
 9: EX-10.4     Executive Employment Agreement, Dated as of March   HTML     89K 
                22, 2024, by and Between Randy Beggs and the                     
                Company                                                          
10: EX-10.5     Executive Employment Agreement, Dated as of         HTML     84K 
                November 30, 2023, by and Between Brad Wright and                
                the Company                                                      
11: EX-21.1     List of Subsidiaries of the Registrant              HTML     13K 
12: EX-99.1     Consent of Charles A. Alutto, Director Nominee      HTML      9K 
13: EX-99.2     Consent of Douglas L. Col, Director Nominee         HTML      9K 
14: EX-99.3     Consent of James B. Gattoni, Director Nominee       HTML      9K 
15: EX-99.4     Consent of Steven F. Lux, Director Nominee          HTML      9K 
16: EX-99.5     Consent of Richard O'Dell, Director Nominee         HTML      9K 
17: EX-99.6     Consent of John F. Schraudenbach, Director Nominee  HTML      9K 
18: EX-99.7     Consent of John Skiadas, Director Nominee           HTML      9K 
19: EX-99.8     Consent of Randy Beggs, Director Nominee            HTML      9K 


‘S-1/A’   —   Pre-Effective Amendment to Registration Statement (General Form)


This is an HTML Document rendered as filed.  [ Alternative Formats ]



As filed with the Securities and Exchange Commission on April 23, 2024.

Registration No. 333-278629

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________

AMENDMENT NO. 1 TO
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
___________________________

Proficient Auto Logistics, Inc.
(Exact name of registrant as specified in its charter)

___________________________

Delaware

 

7549

 

93-1869180

(State or other jurisdiction of
incorporation or organization)

 

(Primary Standard Industrial
Classification Code Number)

 

(I.R.S. Employer
Identification Number)

c/o The Corporation Trust Company
1209 Orange Street
Wilmington, Delaware 19801
(415) 412-7448
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

___________________________

Ross Berner
Proficient Auto Logistics, Inc.
c/o The Corporation Trust Company
1209 Orange Street
Wilmington, Delaware 19801
(415) 412-7448
(Name, address, including zip code, and telephone number, including area code, of agent for service)

___________________________

Copies to:

Edward S. Best, Esq.
Mayer Brown LLP
71 South Wacker Drive
Chicago, IL 60606
(312) 701-7100

 

Christopher D. Lueking

Jonathan E. Sarna

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, IL 60611

(312) 876-7700

___________________________

Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box:

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

       

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

 

 

EXPLANATORY NOTE

Proficient Auto Logistics, Inc. is filing this Amendment No. 1 to its Registration Statement on Form S-1 (File No. 333-278629) (the Registration Statement) as an exhibits-only filing. Accordingly, this amendment consists only of the facing page, this explanatory note, Item 16 of Part II of the Registration Statement, the signature page to the Registration Statement and the filed exhibits. The remainder of the Registration Statement is unchanged and has therefore been omitted.

 

Item 16.     Exhibits and Financial Statement Schedules.

(a) Exhibits.

Exhibit No.

 

Description

1.1

 

Form of Underwriting Agreement.

3.1*

 

Second Amended and Restated Certificate of Incorporation of the Registrant, as currently in effect.

3.2*

 

Bylaws of the Registrant, as currently in effect.

3.3

 

Form of Third Amended and Restated Certificate of Incorporation of the Registrant, to be in effect upon the completion of this offering.

3.4

 

Form of Amended and Restated Bylaws, to be in effect upon the completion of this offering.

4.1**

 

Form of Common Stock Certificate.

4.2

 

Form of Registration Rights Agreement, between the Company and certain holders of the Company’s common stock.

5.1**

 

Opinion of Mayer Brown LLP.

10.1

 

Form of Indemnification Agreement, between the Company and its directors and officers.

10.2†

 

Proficient Auto Logistics, Inc. 2024 Long-Term Incentive Plan, and forms of award agreements.

10.3†

 

2024 Non-Employee Director Compensation Policy.

10.4†

 

Executive Employment Agreement, dated as of March 22, 2024, by and between Randy Beggs and the Company.

10.5†

 

Executive Employment Agreement, dated as of November 30, 2023, by and between Brad Wright and the Company.

10.6

 

Intentionally Omitted

10.7**†

 

Executive Employment Agreement, dated as of             , 2024, by and between Richard O’Dell and the Company.

10.8*

 

Stock Purchase Agreement, dated as of December 21, 2023, by and among the Company, PAL Stock Acquiror, Inc., Leonel Munoz, Ramon Munoz and Tribeca Automotive Inc.

10.9*

 

Contribution Agreement, dated as of December 21, 2023, by and among the Company, Leonel Munoz, Ramon Munoz and Tribeca Truck Leasing LLC.

10.10*

 

Agreement and Plan of Merger, dated as of December 21, 2023, by and among the Company, ELI Merger Sub, Inc., Jesus Holguin, Raul Silva and Excel Leasing, Inc.

10.11*

 

Stock Purchase Agreement, dated as of December 21, 2023, by and among the Company, PAL Stock Acquiror, Inc., Jesus Holguin, Raul Silva, and Deluxe Auto Carriers, Inc.

10.12*

 

Contribution Agreement, dated as of December 21, 2023, by and among the Company, Proficient Auto Transport, Inc., the shareholder listed thereto and BOCF, LLC.

10.13*

 

Stock Purchase Agreement, dated as of December 21, 2023, by and among the Company, PAL Stock Acquiror, Inc., Proficient Auto Transport, Inc., the shareholder listed thereto and BOCF, LLC.

10.14*

 

Agreement and Plan of Merger, dated as of December 21, 2023, by and among the Company, WCL Merger Sub, Inc., William E. Scanlon, Trustee of the William E. Scanlon Living Trust Utd 7/29/05 and West Coast Leasing Company, Inc.

10.15*

 

Stock Purchase Agreement, dated as of December 21, 2023, by and among the Company, PAL Stock Acquiror, Inc., William E. Scanlon Living Trust Utd 7/29/05 and Sierra Mountain Group, Inc.

10.16*

 

Contribution Agreement, dated as of December 21, 2023, by and among the Company, John Skiadas, Delta Auto Brokers, LLC, North East Fleet Services, Inc., Delta Automotive Services, Inc. and the sellers listed thereto.

10.17*

 

Purchase Agreement, dated as of December 21, 2023, by and among the Company, PAL Stock Acquiror, Inc., John Skiadas, Delta Automotive Services, Inc. and the sellers listed thereto.

10.18

 

Intentionally Omitted

10.19*

 

Revolving Line of Credit Note, dated as of May 18, 2013, by and between Deluxe Auto Carriers, Inc. and PNC Bank, National Association.

10.20

 

Intentionally Omitted

II-1

Exhibit No.

 

Description

21.1

 

List of Subsidiaries of the Registrant.

23.1*

 

Consent of Grant Thornton LLP, independent registered public accountants to Proficient Auto Logistics, Inc.

23.2*

 

Consent of Grant Thornton LLP, independent registered public accountants to Proficient Auto Transport, Inc.

23.3*

 

Consent of BKC, CPAs, PC, an independent public accounting firm for Delta Automotive Services, Inc.

23.4*

 

Consent of BKC, CPAs, PC, an independent public accounting firm for Tribeca Automotive Inc.

23.5*

 

Consent of Ramirez Jimenez International CPAs, an independent public accounting firm for Deluxe Auto Carriers, Inc.

23.6*

 

Consent of Campbell Taylor Washburn, an independent public accounting firm for Sierra Mountain Group, Inc.

23.7**

 

Consent of Mayer Brown LLP (included in Exhibit 5.1).

99.1

 

Consent of Charles A. Alutto, director nominee.

99.2

 

Consent of Douglas L. Col, director nominee.

99.3

 

Consent of James B. Gattoni, director nominee.

99.4

 

Consent of Steven F. Lux, director nominee.

99.5

 

Consent of Richard O’Dell, director nominee.

99.6

 

Consent of John F. Schraudenbach, director nominee.

99.7

 

Consent of John Skiadas, director nominee.

99.8

 

Consent of Randy Beggs, director nominee.

107*

 

Filing Fee Table.

____________

*        Previously filed

**      To be filed by amendment.

        Indicates management contract or compensatory plan.

II-2

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jacksonville, Florida on April 23, 2024.

 

Proficient Auto Logistics, Inc.

   

By:

 

/s/ Ross Berner

   

Name:

 

Ross Berner

   

Title:

 

President

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

Signature

 

Title

 

Date

/s/ Ross Berner

 

President (Principal Executive Officer);

 

April 23, 2024

Ross Berner

 

Director

   

/s/ Mark McKinney

 

Secretary (Principal Financial and Accounting Officer);

 

April 23, 2024

Mark McKinney

 

Director

   

II-3


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘S-1/A’ Filing    Date    Other Filings
Filed on:4/23/24None on these Dates
 List all Filings 


3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/10/24  Proficient Auto Logistics, Inc.   S-8         5/10/24    9:133K                                   EdgarAgents LLC/FA
 5/06/24  Proficient Auto Logistics, Inc.   S-1/A                  9:31M                                    EdgarAgents LLC/FA
 4/29/24  Proficient Auto Logistics, Inc.   S-1/A                 12:33M                                    EdgarAgents LLC/FA


1 Previous Filing that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/11/24  Proficient Auto Logistics, Inc.   S-1                   21:36M                                    EdgarAgents LLC/FA
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