U.S. Xpress Enterprises, Inc. Announces Pricing of Initial Public Offering

CHATTANOOGA, Tenn.--()--U.S. Xpress Enterprises, Inc. (“U.S. Xpress” or the “Company”) announced today the pricing of its initial public offering of 18,056,000 shares of Class A common stock, at a price to the public of $16.00 per share. U.S. Xpress is issuing and selling 16,668,000 shares and the selling stockholders named in the registration statement are selling 1,388,000 shares. The Company’s Class A common stock is expected to begin trading on The New York Stock Exchange under the symbol “USX” on June 14, 2018. The offering is expected to close on June 18, 2018.

In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,708,400 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.

The Company expects to receive net proceeds, after deducting underwriting discounts and commissions but excluding offering expenses, of approximately $250 million from the offering.

BofA Merrill Lynch and Morgan Stanley are acting as lead book-running managers for the offering. J.P. Morgan and Wells Fargo Securities are acting as additional book-running managers, and Stephens Inc., Stifel, and Wolfe Capital Markets and Advisory are acting as co-managers for the offering.

The offering of these securities is being made only by means of a prospectus. Copies of the final prospectus may be obtained from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@baml.com and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About U.S. Xpress Enterprises, Inc.

Founded in 1985, U.S. Xpress Enterprises, Inc. is the nation’s fifth largest asset-based truckload carrier by revenue, providing services primarily throughout the United States. We offer customers a broad portfolio of services using our own truckload fleet and third-party carriers through our non-asset-based truck brokerage network. Our modern fleet of tractors is backed up by a team of committed professionals whose focus lies squarely on meeting the needs of our customers and our drivers.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements about the offering, which are subject to risks and uncertainties, including, but not limited to: changes in general economic, business, and political conditions, including changes in the financial and capital markets; changes in overall Company performance and ability to complete the offering; and other risks detailed in “Special Note Regarding Forward-Looking Statements,” “Risk Factors,” and other sections of the Company’s registration statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of risk factors and uncertainties discussed in documents filed by U.S. Xpress with the Securities and Exchange Commission. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.

Contacts

U.S. Xpress Enterprises, Inc.
Media Relations
Danna Bailey
VP, Corporate Communications
DBailey@usxpress.com
or
Investor Relations
Brian Baubach
Sr. VP, Corporate Finance
BBaubach@usxpress.com

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