Daseke Announces Stock Repurchase Program
March 22 2021 - 4:30PM
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 GroupJoseph Caminiti or Chris
Hodges312-445-2870DSKE@alpha-ir.com
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