RXO, Inc. (RXO) has shared an announcement.
RXO, Inc. has initiated a private placement deal with MFN Partners, LP and Orbis Investments to raise approximately $550 million by selling shares and pre-funded warrants. The funds are earmarked to finance the acquisition of Coyote Logistics, with the transaction expected to close shortly. Warrant holders will be granted rights to distributions and the company will seek stockholder approval for the issuance of the warrant shares. The deal also includes a lock-up period for investors and the company’s commitment to register the resale of the securities involved.
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