ALDERSYDE, Alta. — Mullen Transportation received the green light and has proceeded to spin-out its e-business third party logistics company, Moveitonline, to shareholders.
The reorganization was first announced in April, but as of June 1, the change became official.
The arrangement sees each Mullen shareholder receive one share of Mullen and one share of Moveitonline in exchange for one share of Mullen.
Moveitonline shares will be traded on the Toronto Stock Exchange, under the symbol MOV, while Mullen shares continue to be traded under the symbol MTL.