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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Covenant Logistics Group, Inc. Announces Final Results of its Modified Dutch Auction Tender Offer

September 9, 2021 GMT

CHATTANOOGA, Tenn., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Covenant Logistics Group, Inc. (NASDAQ/GS: CVLG) (“Covenant” or the “Company”) announced today the final results of its modified Dutch Auction tender offer, which expired one minute after 11:59 P.M., New York City time, on September 3, 2021.

In accordance with the terms and conditions of the tender offer, the Company has accepted for purchase a total of 86,132 shares of the Company’s Class A common stock, $0.01 par value per share (the “Shares”), at a final purchase price of $23.00 per Share. Payment for the Shares accepted for purchase under the tender offer will be made promptly, at a total cost to the Company of approximately $2 Million, excluding fees and expenses relating to the tender offer.

Based on the final count by Computershare Trust Company, N.A. (“Computershare”), the depositary for the tender offer, a total of 86,132 Shares were properly tendered and not properly withdrawn at or below the final purchase price of $23.00 per Share.

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The Company may purchase additional Shares in the future in the open market subject to market conditions and through private transactions, tender offers or otherwise. Under applicable securities laws, however, the Company may not repurchase any Shares until September 21, 2021. Whether the Company makes additional repurchases in the future will depend on many factors, including the number of Shares purchased in this tender offer, its business and financial performance and situation, the business and market conditions at the time, including the price of the Shares, and other factors the Company considers relevant.

Scudder Law Firm, P.C., L.L.O., served as counsel to the Company for the tender offer. Stephens Inc. served as financial advisor to the Company in connection with the tender offer. Stockholders who have questions or would like additional information about the tender offer, may contact the information agent for the tender offer, Georgeson LLC, at (888) 607-9107 (toll free).

About Covenant Logistics Group, Inc.

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. Covenant’s Class A common stock is traded on the NASDAQ Global Select market under the symbol, “CVLG.”

Covenant Logistics Group, Inc. Additional Information

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This document contains forward-looking statements about the Company that speak only as of the communication made. The Company disclaims any obligation to update these statements except as required by law. Forward-looking statements in this document may include, but are not limited to, statements subsequent Share repurchase expectations and other expected future financial and operating results or events. Many risks, contingencies and uncertainties could cause actual results to differ materially from the Company’s forward-looking statements. Among these factors are that the Company’s post-tender offer Share repurchase intentions may change. Additional information concerning these and other factors can be found in the Company’s filings with the SEC, including the most recent annual report on Form 10-K (including the information set forth under the caption “Risk Factors”), quarterly reports on Form 10-Q (including the information set forth under the caption “Risk Factors”), and current reports on Form 8-K.

For further information contact:
Joey B. Hogan, President
JHogan@covenantlogistics.com
Tripp Grant, Chief Accounting Officer
TGrant@covenantlogistics.com
For copies of Company information contact:
Brooke McKenzie, Executive Administrative Assistant
BMcKenzie@covenantlogistics.com