Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation 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, 2023. As of February 1, 2022, the Company had 49,443,305 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.
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."
Bohn Crain, Founder and CEO.