U.S. Trucking to Change Name, Relocate
After declaring bankruptcy at its four trucking subsidiaries, U.S. Trucking Inc. plans to change its name to U.S. Holding Corp., relocate its corporate offices to Louisville, and effect a 1-for-100 stock split
After declaring bankruptcy at its four trucking subsidiaries, U.S. Trucking Inc. plans to change its name to U.S. Holding Corp., relocate its corporate offices to Louisville, and effect a 1-for-100 stock split.
The name change reflects the company's new focus on purchasing, financing, managing, and growing non-asset-based trucking operations. The relocation to Louisville centralizes management and many corporate resources. The aggressive reverse stock split is expected to enable greater marketability and distribution of the company's securities, according to the company.
"The changes were necessary to initiate the rebuilding of our public holding company and begin its recapitalization," said Dan Pixler, chairman and CEO. "Since divesting its non-profitable operating subsidiaries earlier this month and taking significant accounting charges for them, the company is now clearly poised for profitability."
The company will release details of its new business plan after the first of the year.
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