Dallas, TX 8/3/2009 10:21:39 PM
Wabash National Corporation (NYSE:WNC) – Today’s First Hour Active Mover
Wabash National Corporation (NYSE:WNC) – Today’s First Hour Active Mover
New York, NY - PennyStockPickReport.com is pleased to alert investors of stocks on the move.
Wabash National Corporation announced that it has successfully closed the previously announced $35 million investment in the Company by Trailer Investments, LLC, an entity formed for this purpose by Lincolnshire Equity Fund III, L.P., a private equity investment fund managed by Lincolnshire Management, Inc. As part of the investment, the Company issued Series E, Series F, and Series G redeemable preferred stock to Trailer Investments, as well as a warrant that is immediately exercisable for common stock representing 44.21% of the issued and outstanding common stock of the Company, subject to certain upward adjustments. An Amended and Restated Loan and Security Agreement, which amended and restated the Company's prior revolving credit facility, also became effective upon the completion of the investment. The revolving credit facility, as amended, now provides for borrowings of up to $100 million, subject to a borrowing base and applicable reserves.
After touching an intraday high of $1.25 in an opening trade, the Stock is currently trading at $1.14 moved up about 37% on over 1.04 million shares. In the last 52-week, the stock has been trading within a range of $0.50-$11.69.
About Wabash National Corporation
Wabash National Corporation (Wabash) is engaged in designing, manufacturing and marketing of truck trailers and related transportation equipment. The Company markets the transportation equipment under the Wabasha, DuraPlatea, DuraPlateHDa, FreightProa, ArcticLite, RoadRailer, Transcraft, Eagle, Eagle II, D-Eagle and Benson trademarks directly to customers, through independent dealers and through the Company-owned retail branch network. The Company operates in two business segments: manufacturing, and retail and distribution. The Company’s customers include Averitt Express, Inc.; Crete Carrier Corporation; FedEx Corporation; Heartland Express, Inc.; J.B. Hunt Transport Services, Inc.; Knight Transportation, Inc.; Old Dominion Freight Lines, Inc.; SAIA Motor Freightlines, Inc.; Schneider National, Inc.; Swift Transportation Corporation, and U.S. Xpress Enterprises, Inc. During the year ended December 31, 2008, the manufacturing segment sales accounted for 83% of the Company’s sales.
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