Business
Roadrunner Transportation Systems Completes Ascent Global Logistics Spin-Off
Roadrunner Transportation Systems Completes Ascent Global Logistics Spin-Off.
About this update from Roadrunner Transportation Systems, Inc.
[{"type":"text","content":"\n\n\n\nRoadrunner Transportation Systems Completes Ascent Global Logistics Spin-Off\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nRoadrunner Transportation Systems Completes Ascent Global Logistics Spin-Off\nPR Newswire\nDOWNERS GROVE, Ill., Aug. 7, 2020\n\n\n\n DOWNERS GROVE, Ill., Aug. 7, 2020 /PRNewswire/ -- Roadrunner Transportation Systems, Inc. (\"Roadrunner\" or the \"company\") (Pink: RRTS) announced today that the spin-off of its Ascent Global Logistics business has been completed. The spin-off creates two independent companies: Roadrunner Transportation Systems, Inc. - a national less-than-truckload (LTL) carrier - and Ascent Global Logistics, Inc. (\"Ascent\") - a diversified global logistics provider.\n\n \n \n \n \n \n \n\n \nRoadrunner and Ascent Executive Chairman Chris Jamroz said, \"The completion of the spin-off of our Ascent Global Logistics business positions us to be entirely focused on the success of our Roadrunner Freight national less-than-truckload network. We also believe Ascent will thrive as a standalone logistics platform. Thank you to both the Ascent and Roadrunner teams who worked hard to complete this transaction.\"\nThe spin-off was effected by way of a pro rata distribution (the \"Distribution\") on August 7, 2020 (the \"Distribution Date\") of all of the issued and outstanding shares of Ascent common stock to the stockholders of record of Roadrunner as of the close of business on July 31, 2020, the record date for the Distribution (the \"Record Date\"). Each Roadrunner stockholder of record is receiving one share of Ascent common stock, $0.01 par value, for every one share of Roadrunner common stock, $0.01 par value, held by such stockholder as of the close of business on the Record Date. Fractional shares of Ascent were not distributed.\nRoadrunner common stock will continue to trade on the Pink Open Market under the trading symbol \"RRTS.\" There will be no trading market for Ascent common stock, and such shares are subject to significant transfer restrictions. An Information Statement, which contains additional information ab...