RENTON,
Wash., Dec. 5, 2023 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a technology-enabled global
transportation and value-added logistics services company, today
announced that its board of directors has authorized the repurchase
of up to five million shares of the Company's common stock through
December 31, 2025. As of December 1, 2023, the Company had 46,906,586
shares outstanding.
The share repurchases may occur from time-to-time through open
market purchases at prevailing market prices or through privately
negotiated transactions as permitted by securities laws and other
legal requirements. The Company expects to fund all purchases from
existing cash balances, cash available under the Company's
revolving credit facility and future cash flows from operations.
The program allows the Company to repurchase its shares at its
discretion. Market conditions, price, corporate and regulatory
requirements, alternative investment opportunities, and other
economic conditions will influence the timing of the purchases and
the number of shares repurchased. The program does not obligate the
Company to repurchase any specific number of shares and, subject to
compliance with applicable securities laws and other legal
requirements, may be suspended or terminated at any time without
prior notice.
Bohn Crain, Founder and CEO,
said, "We believe the current share price does not adequately
reflect Radiant's long-term growth prospects, and therefore, the
repurchase of our shares could represent an excellent investment
opportunity for both the Company and our shareholders."
This announcement contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual results
may differ significantly from management's expectations. These
forward-looking statements involve risks and uncertainties that
include, among others, risks related to trends in the domestic and
global economy, our ability to attract new and retain existing
agency relationships, acquisitions and integration of acquired
entities, availability of capital to support any share repurchase
program, including specifically under our existing credit
facilities, our ability to maintain and improve back office
infrastructure and transportation and accounting information
systems in a manner sufficient to service our revenues and network
of operating locations, competition, management of growth,
potential fluctuations in operating results, and government
regulation. More information about factors that potentially could
affect our financial results are included in our filings with the
Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, our most recent Reports on Form 10-Q
and all other subsequent filings with the Securities and Exchange
Commission.
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SOURCE Radiant Logistics, Inc.