Daseke Announces Stock Repurchase Program
Daseke has authorized a stock buyback program allowing the repurchase of up to 3 million shares of its common stock as part of a balanced capital allocation strategy. The buyback will be executed via open market transactions, depending on market conditions and legal requirements. This decision reflects Daseke's strong cash flow and commitment to enhancing shareholder value following a recent refinancing. Jason Bates, CFO, emphasized a focus on value creation through disciplined capital management.
- Authorization for a stock buyback of up to 3 million shares, indicating strong cash flow.
- Buyback reflects a commitment to returning value to shareholders.
- Recent refinancing positions the company well for capital deployment.
- None.
Buyback authorization allows for opportunistic cash deployment as part of its balanced capital allocation strategy
ADDISON, Texas, March 22, 2021 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, announced today that its Board of Directors has approved a stock repurchase program under which the Company is authorized to repurchase up to 3,000,000 shares of its outstanding common stock.
The shares may be repurchased from time to time in open market transactions at prevailing market prices or by other means in accordance with federal securities laws and may be repurchased pursuant to a Rule 10b5-1 trading plan. The Company intends to fund repurchases from cash on hand.
The timing, as well as the number and value of shares repurchased under the program, will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The program may be suspended, modified or discontinued by the Board at any time without prior notice.
Jason Bates, Chief Financial Officer of Daseke commented, “As part of our commitment to generating strong returns and returning value to our shareholders and pursuant to the Company’s previously announced cooperation agreement with Don Daseke, the Company’s Board of Directors has authorized a share repurchase program to repurchase up to three million public shares. Daseke’s recent performance has demonstrated the strong cash flow generative nature of our unique platform. With the recent refinancing transaction now complete, the Company is in a strong position to utilize excess cash to opportunistically repurchase public shares. We will maintain a disciplined and balanced approach to capital allocation over the long-term, with a keen focus on value creation as we continue to balance our decisions between investing for growth, leverage reduction and balance sheet optimization, and/or through opportunistic share repurchases.”
About Daseke, Inc.
Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America. Daseke offers comprehensive, best-in-class services to many of the world’s most respected industrial shippers through experienced people, a fleet of more than 5,000 tractors and 11,500 flatbed and specialized trailers. For more information, please visit www.daseke.com.
Forward‐Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan,” “should,” “could,” “would,” “forecast,” “seek,” “target,” “predict,” and “potential,” the negative of these terms, or other comparable terminology. These forward-looking statements are based on information available as of the date of this release, and current expectations, forecasts and assumptions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that the Company anticipates. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements.
Forward-looking statements are subject to risks and uncertainties (many of which are beyond our control) that could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, general economic and business risks, such as downturns in customers’ business cycles and disruptions in capital and credit markets, the impact to the Company’s business and operations resulting from the COVID-19 pandemic, the Company’s ability to execute and realize all of the expected benefits of its integration, business improvement and comprehensive restructuring plans, the Company’s ability to complete planned or future divestitures successfully, the Company’s ability to adequately address downward pricing and other competitive pressures, driver shortages and increases in driver compensation or owner-operator contracted rates, loss of senior management or key operating personnel, our ability to realize intended benefits from its recent or future acquisitions, seasonality and the impact of weather and other catastrophic events, fluctuations in the price or availability of diesel fuel, increased prices for, or decreases in the availability of, new revenue equipment and decreases in the value of used revenue equipment, the Company’s ability to generate sufficient cash to service all of the Company’s indebtedness, restrictions in its existing and future debt agreements, increases in interest rates, changes in existing laws or regulations, including environmental and worker health safety laws and regulations and those relating to tax rates or taxes in general, the impact of governmental regulations and other governmental actions related to the Company and its operations, litigation and governmental proceedings, and insurance and claims expenses. You should not place undue reliance on these forward-looking statements. For additional information regarding known material factors that could cause our actual results to differ from those expressed in forward-looking statements, please see Daseke’s filings with the Securities and Exchange Commission, available at www.sec.gov, including Daseke’s most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q, particularly the section titled “Risk Factors.”
Investor Relations:
Alpha IR Group
Joseph Caminiti or Chris Hodges
312-445-2870
DSKE@alpha-ir.com
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