Covenant Logistics announces two-for-one stock split

Covenant Logistics (CVLG) announced that its board of directors has declared a two-for-one stock split of Covenant’s Class A common stock and Class B common stock to make Covenant’s stock more accessible to investors and employees. The stock split will be effected by means of a stock dividend to the holders of record of Covenant’s Class A common stock and Class B common stock as of the close of business on December 20, the record date for the dividend. As a result of the dividend, each holder of a share of Covenant’s Class A common stock will receive one additional share of Class A common stock and each holder of a share of Covenant’s Class B common stock will receive one additional share of Class B common stock. In each case, the shares are expected to be distributed after the close of trading on December 31. Trading is expected to commence on a split-adjusted basis at market open on January 2, 2025. The stock dividend will not have any impact on the voting and other rights of stockholders.