P.A.M. Transportation Services shareholders recently approved a redomestication plan to switch the company’s domicile from Delaware to Nevada, according to a securities filing.
A vote at the company’s Oct. 31 annual meeting launched the changes, and in addition to new articles of incorporation and bylaws, the company also has a new name, PAMT Corp., and stock symbol (PAMT).
But daily business operations will continue as normal as no changes to the business or its locations happened, the company said in the securities filing Wednesday.
In connection with the shift, the number of authorized shares of the company’s common stock doubled from 50 million to 100 million, while the number of outstanding shares remained the same.
Company materials previously suggested the move could help prevent a hostile takeover because of better protection under Nevada law, which gives directors more control, a filing said.
PAMT leadership didn’t immediately respond to messages seeking comment.
The Tontitown, Arkansas-headquartered company has been hanging on amid a prolonged freight recession. Its operating income for Q1 through Q3 of this year was $928,000, down from $31 million year over year, according to an earnings statement.
Its operating ratio was 102.8% this year compared to 96% for the first nine months of 2023.
PAMT is the parent company of P.A.M. Transport, P.A.M. International and over a dozen other subsidiaries.
The redomestication switches a decades-old status for the holding company. P.A.M. Transport was founded in 1980, and P.A.M. Transportation Services was incorporated in Delaware in 1986.
