RXO (NYSE: RXO) today began its first day of “regular way” trading on the New York Stock Exchange, officially completing its spinoff as an independent publicly traded company.
RXO is the former tech-enabled brokered transportation platform of XPO (NYSE: XPO) and is the fourth largest full truckload broker in the United States. RXO’s leadership team and board members celebrated the launch by ringing the New York Stock Exchange’s Opening Bell®.
RXO CEO Drew Wilkerson, said, “Today is a landmark moment for our business. With the launch of RXO, we’ve established a standalone tech-enabled pure-play that will continue to thrive in any market. RXO is well-positioned to unlock value for our stakeholders.”
RXO launches with approximately 7,400 employees as part of its proven, asset-light model. The company’s core tech-enabled truck brokerage business connects customers to approximately 100,000 independent carriers and more than 1.5 million trucks across North America. Shippers access massive capacity on-demand through the company’s proprietary RXO Connect™ digital brokerage platform, which incorporates machine learning and fully automates the brokerage process. RXO’s blue-chip customers span a wide variety of industries and include more than half of the Fortune 100 and more than 200 of the Fortune 500.
RXO shares fell 91 cents, or 4.3%, to $20.09, while those for XPO collapsed $20.31, or 39.3%, to $31,43.
