Radiant Logistics to Repurchase 5 Million Shares
Radiant Logistics Inc. announced plans to repurchase as many as 5 million shares, or more than 10% of outstanding stock, to help attract more interest from investors.
Based on early January stock prices, the moves could cost about $15 million. Bellevue, Washington-based Radiant had 48.7 million shares outstanding at the time of the announcement Jan. 7.
“We believe the current share price does not accurately reflect Radiant’s recent success and long-term growth prospects, and therefore, represents an excellent investment opportunity for both the company and our shareholders,” founder and CEO Bohn Crain said in a statement.
Purchases will be done on the open market or private transactions using cash resources at Radiant’s discretion, the statement said.
