RXO prices $500 million stock offering to help fund Coyote Logistics acquisition
RXO agreed on September 9, 2024 to sell 19,230,770 shares of common stock at $26.00 per share, for about $500 million in gross proceeds and approximately $479 million in estimated net proceeds after offering expenses. The company said it intends to use the proceeds to finance a portion of its pending acquisition of Coyote Logistics from UPS, and that the offering is not contingent on that acquisition closing. The share sale adds new shares outstanding, which would dilute existing shareholders, and the underwriters also hold an option to buy up to 2,884,615 more shares.
Key points
- Offering: 19,230,770 shares at $26.00 per share, upsized to $500 million in total gross proceeds
- Estimated net proceeds of approximately $479 million, to fund part of the Coyote Logistics acquisition from UPS
- RXO expects the Coyote acquisition to be completed by September 20, 2024; offering expected to close September 11, 2024
- Underwriters have an option to purchase up to 2,884,615 additional shares
The filing
Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 11, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.