Swift Transportation Co Inc. announced Friday that it has priced a public offering of 1.2-million shares of its common stock at $16 per share before underwriting discounts. Swift has granted the underwriters a 30-day option to purchase up to 120,000 shares of common stock to cover over-allotments.
Swift stockholders also approved a proposal to authorize the issuance of 2 million additional shares of common stock under Swift's 1999 Stock Option Plan and elected Jerry Moyes, Alphonse E. Frei, Michael S. Starnes and Edward A. Labry III to the company's board of directors.
The election of Starnes and Labry will not become effective unless and until the merger with M.S. Carriers is completed, which Swift said will occur on or before June 29.