Forward Air Corp. (FWRD) has released an update to notify the public and investors about its asset transaction finalization.
Forward completed a restructuring before finalizing the Transactions, contributing its operating assets to Opco, a newly structured umbrella partnership C corporation. Equityholders of Omni received a mix of Common and Convertible Preferred Equity Consideration in Opco units exchangeable for Forward’s stock. The agreement allows for automatic conversion of certain preferred units into Forward’s common stock upon approval by shareholders, with a set liquidation preference at closing. Additionally, the Opco operating agreement outlines that Opco, managed by Forward, holds all assets and operations of both Forward and Omni, with various non-voting units representing company interests.
For further insights into FWRD financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
