#Parsec inc registration
Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “PCX” and “PCXCW,” respectively.ĮF Hutton, division of Benchmark Investments, LLC, is acting as sole book running manager for the offering.Ī registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 5, 2021. The units are listed on The NASDAQ Global Market (“NASDAQ”) and began trading under the ticker symbol “PCXCU” on October 6, 2021. Each unit consists of one of the Company’s shares of Class A common stock and one redeemable warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share.
#Parsec inc full
This includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 1,125,000 units. (NASDAQ: PCXCU) (the “Company”) announced today that it closed its initial public offering of 8,625,000 units at an offering price of $10.00 per unit. 08, 2021 (GLOBE NEWSWIRE) - Parsec Capital Acquisition Corp. This allowed the company to concentrate its efforts on intermodal activity and make it the world leader it is today.Lewisville, TX, Oct.
In 1985, when deregulation was making it hard to survive in the trucking industry, the Budig Trucking division was sold. In 1987, the company purchased Lift Equipment Rebuilders, which specializes in the repair and maintenance of equipment, and Piggyback Services, a Chicago-based intermodal contractor founded by Eugene Pauls in 1971. In the years to follow, the company expanded its intermodal activity and in 1982 created a new intermodal division called Parsec. Since this type of operation was very safety-intensive and required experienced drivers, the L&N looked to Budig Trucking to handle the work. It was this first “circus-style” loading operation that gave the company its start in the intermodal industry. In the early days of intermodal, trailers were driven up ramps onto rail cars and pulled from one car to the next across bridge plates. Realizing the inefficiencies of box car transportation for certain types of freight, the L&N began loading freight trailers onto flatcars. Eventually, his persistence and dedication paid off and the company began to grow.Īmong Budig Trucking’s first accounts was the L&N Railroad, which hired the company to consolidate box car freight. Things looked bad for the future of the company, but Otto Sr. Seeing no hope for improvement, Otto Sr.‘s accountant advised him to close shop.
After three months of operation, the company remained undercapitalized and short on profits.
Like most new businesses, Budig Trucking struggled in the beginning. (center) is shown with L&N’s Charles ‘Packy’ McFarland and Joe Mann. Photograph taken on Jwhen the first L&N trailer was loaded onto a flatcar.
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