Roadrunner revises timing of rights offering
Roadrunner Transportation Systems announced revised timing for the company's rights offering. The change in timing is entirely a result of the partial government shutdown, during which the SEC is not able to declare registration statements effective. As a result, the company has decided to file an amendment to its Registration Statement on Form S-1 relating to the rights offering that would allow the Registration Statement to automatically become effective 20 calendar days after filing without any action by the SEC. The company expects to file an amendment to the Registration Statement no later than the week of January 14, 2019 which will become automatically effective on the 20th day after filing such amendment. If the partial government shutdown is resolved prior to the automatic effective date, the company may be able to accelerate the Registration Statement effective date. Once the Registration Statement is effective, the company intends to then commence the rights offering, distribute rights to its stockholders of record as of a date to be subsequently announced, and allow such stockholders of record approximately 16 days after the commencement of the rights offering to exercise their rights. The company expects to list the rights for trading on the New York Stock Exchange under the symbol "RRTS RT." The company intends to close the rights offering and the related backstop commitment no later than March 1, 2019. In light of the revised timing, the company expects to receive, prior to filing an amendment to the Registration Statement, extensions for the closing date of the rights offering from the lenders under its asset-based lending facility and from affiliates of Elliott Management who are the backstop purchaser and the purchasers under its Series E-1 preferred stock investment agreement.