Covenant Logistics Group Announces Move to New York Stock Exchange
Covenant Logistics Group (NASDAQ/GS: CVLG) has announced its decision to transfer its Class A common stock listing from NASDAQ to the New York Stock Exchange (NYSE). The transition is set to take place on August 6, 2024, with trading on the NYSE beginning at market open under the existing ticker symbol 'CVLG'. The company's stock will continue trading on NASDAQ until the close of market on August 5, 2024.
CEO David R. Parker expressed optimism about the move, citing the NYSE's world-class trading platform as an opportunity to increase visibility and engagement. The NYSE's Vice Chair, John Tuttle, welcomed Covenant Logistics to their community of 'icons and disruptors'. Covenant Logistics Group offers a range of transportation and logistics services across the United States, including asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage services.
Covenant Logistics Group (NASDAQ/GS: CVLG) ha annunciato la decisione di trasferire la quotazione delle sue azioni ordinarie di Classe A da NASDAQ alla Borsa di New York (NYSE). La transizione avverrà il 6 agosto 2024, con l'inizio delle contrattazioni sulla NYSE all'apertura del mercato, mantenendo il simbolo di ticker attuale 'CVLG'. Le azioni della società continueranno a essere scambiate su NASDAQ fino alla chiusura del mercato del 5 agosto 2024.
Il CEO David R. Parker ha espresso ottimismo riguardo a questo passo, evidenziando la piattaforma di trading di livello mondiale della NYSE come un'opportunità per aumentare visibilità e coinvolgimento. Il Vice Presidente della NYSE, John Tuttle, ha accolto Covenant Logistics nella loro comunità di 'icone e innovatori'. Covenant Logistics Group offre una vasta gamma di servizi di trasporto e logistica negli Stati Uniti, inclusi capacità di carico espresse e dedicate basate su asset, oltre a servizi di stoccaggio leggeri, gestione dei trasporti e brokeraggio merci.
Covenant Logistics Group (NASDAQ/GS: CVLG) ha anunciado su decisión de trasferir la cotización de sus acciones ordinarias de Clase A de NASDAQ a la Bolsa de Nueva York (NYSE). La transición está programada para el 6 de agosto de 2024, con el inicio de operaciones en la NYSE al abrir el mercado bajo el símbolo de ticker existente 'CVLG'. Las acciones de la empresa seguirán cotizando en NASDAQ hasta el cierre del mercado el 5 de agosto de 2024.
El CEO David R. Parker expresó optimismo acerca de este movimiento, citando la plataforma de trading de primer nivel de la NYSE como una oportunidad para incrementar la visibilidad y el compromiso. El Vicepresidente de la NYSE, John Tuttle, dio la bienvenida a Covenant Logistics a su comunidad de 'iconos e innovadores'. Covenant Logistics Group ofrece una variedad de servicios de transporte y logística en los Estados Unidos, que incluyen capacidad de carga expresada y dedicada basada en activos, así como servicios de almacenamiento ligeros, gestión del transporte y corretaje de carga.
Covenant Logistics Group (NASDAQ/GS: CVLG)가 자사의 A등급 보통주 상장을 NASDAQ에서 뉴욕증권거래소(NYSE)로 이전하기로 결정했다고 발표했습니다. 이전은 2024년 8월 6일에 이루어질 예정이며, NYSE에서의 거래는 기존의 티커 심볼 'CVLG'로 시장 개장과 함께 시작됩니다. 회사의 주가는 2024년 8월 5일 장 마감까지 NASDAQ에서 거래됩니다.
CEO David R. Parker는 NYSE의 세계적 수준의 거래 플랫폼이 가시성과 참여를 증가시킬 수 있는 기회라고 언급하며 이 이동에 대한 긍정적인 의견을 표명했습니다. NYSE의 부회장 John Tuttle은 '아이콘과 혁신가'의 공동체에 Covenant Logistics를 환영했습니다. Covenant Logistics Group은 미국 전역에서 자산 기반의 신속 및 전용 화물 운송 능력을 포함하여 자산 경량 창고, 운송 관리 및 화물 중개 서비스 등 다양한 운송 및 물류 서비스를 제공합니다.
Covenant Logistics Group (NASDAQ/GS: CVLG) a annoncé sa décision de transférer la cotation de ses actions ordinaires de Classe A de NASDAQ à la Bourse de New York (NYSE). La transition est prévue pour le 6 août 2024, avec le début des échanges à la NYSE dès l'ouverture du marché sous le symbole de ticker existant 'CVLG'. Les actions de l'entreprise continueront à être échangées sur NASDAQ jusqu'à la fermeture du marché le 5 août 2024.
Le PDG David R. Parker a exprimé son optimisme concernant ce mouvement, citant la plateforme de négociation de classe mondiale de la NYSE comme une opportunité d'augmenter la visibilité et l'engagement. Le vice-président de la NYSE, John Tuttle, a accueilli Covenant Logistics dans leur communauté d' 'icônes et d'innovateurs'. Covenant Logistics Group propose une gamme de services de transport et de logistique à travers les États-Unis, y compris des capacités de transport express et dédiées basées sur des actifs, ainsi que des services d'entreposage légers, de gestion des transports et de courtage de fret.
Covenant Logistics Group (NASDAQ/GS: CVLG) hat seine Entscheidung bekannt gegeben, die Notierung seiner Stammaktien der Klasse A von NASDAQ an die New Yorker Börse (NYSE) zu verlagern. Der Übergang wird am 6. August 2024 stattfinden, wobei der Handel an der NYSE mit Handelsbeginn unter dem bestehenden Tickersymbol 'CVLG' beginnen wird. Die Aktien des Unternehmens werden bis zum Börsenschluss am 5. August 2024 weiterhin an der NASDAQ gehandelt.
CEO David R. Parker äußerte seine Optimismus über diesen Schritt und nannte die weltklasse Handelsplattform der NYSE als Gelegenheit, die Sichtbarkeit und Interaktion zu erhöhen. Der stellvertretende Vorsitzende der NYSE, John Tuttle, hieß Covenant Logistics in ihrer Gemeinschaft von 'Ikonen und Innovatoren' willkommen. Covenant Logistics Group bietet eine Vielzahl von Transport- und Logistikdienstleistungen in den Vereinigten Staaten an, darunter asset-basierte expedited und dedizierte Lkw-Kapazitäten sowie asset-light Lagerhaltung, Transportmanagement und Frachtvermittlung.
- Potential for increased visibility and engagement through NYSE listing
- Retention of existing ticker symbol 'CVLG' for continuity
- None.
Insights
Covenant Logistics Group's decision to transfer its listing from NASDAQ to the NYSE is a strategic move that could have subtle implications for the company and its investors. While this change doesn't directly impact the company's financial performance, it may influence market perception and trading dynamics.
The NYSE, often considered the pinnacle of stock exchanges, could potentially provide increased visibility and liquidity for Covenant's stock. This move might attract a broader range of institutional investors who prefer NYSE-listed companies, potentially leading to more stable trading patterns and possibly a slight boost in stock value.
However, it's important to note that the immediate financial impact is likely to be minimal. The company will incur some one-time costs associated with the transfer, but these are typically not material to a company of Covenant's size. The long-term benefits, such as potentially lower cost of capital and enhanced prestige, are difficult to quantify but could prove advantageous over time.
Investors should be aware that while the ticker symbol remains unchanged, there might be a brief period of increased volatility around the transition date as trading systems adjust. It's also worth monitoring any changes in analyst coverage or institutional ownership following this move, as these could influence stock performance in the medium term.
Overall, while this news doesn't warrant any immediate action from investors, it signals Covenant's ambition for growth and increased market presence. Long-term shareholders might view this as a positive step in the company's evolution, albeit one with more symbolic than immediate tangible value.
CHATTANOOGA, Tenn., July 26, 2024 (GLOBE NEWSWIRE) -- Covenant Logistics Group, Inc. (NASDAQ/GS: CVLG) (“Covenant” or the “Company”) today announced that it is transferring the listing of its Class A common stock,
Chairman and Chief Executive Officer, David R. Parker, commented: “We are pleased to announce the listing of our Class A common stock on the NYSE. We believe the NYSE’s world-class trading platform gives us the opportunity to increase visibility and engagement. Also, we thank NASDAQ for its partnership and support since our initial public offering in 1994.”
“We are excited to welcome Covenant Logistics to the New York Stock Exchange,” said John Tuttle, Vice Chair, NYSE Group. “As an NYSE-listed company, it joins a world-class community of icons and disruptors.”
About Covenant
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. Primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage capability. In addition, Transport Enterprise Leasing is an affiliated company providing revenue equipment sales and leasing services to the trucking industry.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including, without limitation, statements relating to the Company’s expected listing on the NYSE and the impact thereof. Forward-looking statements are based on the current beliefs, assumptions, and expectations of management and current market conditions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Readers should review and consider the factors that may affect future results and other disclosures in the Risk Factors sections of Covenant Logistics Group, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023 and various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein.
For further information contact:
M. Paul Bunn, President
PBunn@covenantlogistics.com
Tripp Grant, Chief Financial Officer
TGrant@covenantlogistics.com
For copies of Company information contact:
Brooke McKenzie, Executive Administrative Assistant
BMcKenzie@covenantlogistics.com
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