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TAMPA — Quality Distribution Inc. (symbol: QLTY) filed a document with the Securities & Exchange Commission this week that would allow it or its stockholders to quickly sell off shares of Quality's stock at a later date.
The form — a shelf registration statement, using Form S-3 — allows the SEC to review a proposed securities offering well in advance of a planned sale. That way, if market conditions quickly change at a future date, stockholders may act without having to wait for regulatory approval.
In a release, Quality said it could offer up to $35 million in debt or equity securities in the near future. Its CFO, Joe Troy, also noted that the filing gave New York-based Apollo Global Management LLC, the company's largest shareholder “a vehicle to potentially reduce their holdings in the Company.”
Neither Troy nor an Apollo representative provided an immediate response to the Business Review's questions about the firm's investment plans.
Headquartered in Tampa, Quality Distribution operates a national network of trucking delivery services. The firm generated $686 million in revenues in 2010, along with $37 million in operating income. Its stock is up 41% this year, to nearly $13 a share.
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