Roadrunner Announces Completion of 1-for-25 Reverse Stock Split

Shares of common stock will continue to trade on the NYSE under the symbol RRTS

Roadrunner Transportation Systems (NYSE: RRTS), a leading asset-right transportation and asset-light logistics service provider, today announced that at the close of business on April 4, 2019, it effected its previously-announced, 1-for-25 reverse stock split (the “Reverse Stock Split”). The company’s common stock will begin trading on a split-adjusted basis when the market opens on April 5, 2019.

Pursuant to the Reverse Stock Split, every 25 shares of Roadrunner’s issued and outstanding common stock were automatically converted into one share of common stock. No fractional shares will be issued if, as a result of the Reverse Stock Split, a stockholder would otherwise have been entitled to a fractional share. Instead, each stockholder is entitled to receive a cash payment based on a pre-split cash in lieu rate of $0.4235, which is the volume weighted average trading price per share on the New York Stock Exchange (“NYSE”) for the five consecutive trading days immediately preceding April 4, 2019.

Following the Reverse Stock Split, the number of outstanding shares of Roadrunner’s common stock was reduced by a factor of 25 (from 939,038,286 to approximately 37,561,532). The number of authorized shares of common stock has also been reduced from 1,100,000,000 to 44,000,000.

The company’s shares of common stock will continue to trade on the NYSE under the symbol “RRTS” but will trade under a new CUSIP number. The Reverse Stock Split was intended to increase the market price per share of Roadrunner’s common stock in order to comply with the NYSE’s continued listing standards relating to minimum price per share. American Stock Transfer & Trust Company, LLC, Roadrunner’s transfer agent, will act as the exchange agent for the reverse stock split.

Category: Featured, General Update, News