Covenant Logistics Group, Inc. announces an Equity Buyback for $40 million worth of its shares.
August 09, 2021 at 06:41 pm IST
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Covenant Transportation Group, Inc. (NasdaqGS:CVTI) announces a share repurchase program. Under the offer, the company will repurchase up to $40 million worth of its class A common shares. The shares will be purchased in price range of $21 to $23 per share. The offer will be valid till September 3, 2021. As of August 5, 2021, the company had 14,453,675 outstanding shares.
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. The Companyâs primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management and freight brokerage capability. Its asset-based transportation services include two segments: Expedited and Dedicated. The Expedited segment primarily provides truckload services to customers. The Dedicated segment provides customers with committed truckload capacity over contracted periods. The Managed Freight segment includes its brokerage services and transportation management services (TMS). The Warehousing segment provides day-to-day warehouse management services for customers who have chosen to outsource this function. It also provides shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses.