Shareholders approved the conversion of P.A.M Transportation Services Inc. from a Delaware charter to a Nevada charter.
The company will become known as PAMT Corp. beginning Nov. 12. It is the holding company for PAM Transport Inc. of Tontitown.
The shareholders vote was held Oct. 31 in Tontitown and the motion to redomesticate was passed with 81% of the vote, with 16.6 million voting for the proposal. PAM Chairman Matthew Moroun owns or controls more than 16 million shares of the company, approximately 72%, and board member Frederick Calderone is the voting trustee of two other Moroun trusts that own more than 6 million shares.
The shareholders also approved a related proposal to increase the authorized shares of common stock in the company from 50 million to 100 million. That proposal passed with 83% of the vote, with more than 17 million affirmative votes.
The company said in its filing with the U.S Securities & Exchange Commission on Nov. 5 that moving its charter to Nevada will reduce its franchise taxes, streamline its corporate governance and protect its board of directors and executive officers from “unmeritorious lawsuits.”
PAM Transport reported in late October income of $2.4 million for the third quarter of fiscal 2024. Through the first three quarters of the year, the company posted a loss of $217,000, compared to a profit of $20.6 million in the first three quarters of 2023.
PAM Transport reported income of $18.4 million for 2023 and $90.9 million for 2022.
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