Daseke announces repurchase of founder’s stock

Daseke announced that it has entered into an agreement with its founder, Don R. Daseke, and his affiliates, to repurchase their total holdings — 17,932,725 shares — in the company at a purchase price of $6.00 per share. This represents a repurchase by the company of approximately 28.6% of its issued and outstanding common shares as of November 9, 2022. The repurchase is expected to close later this week. The total consideration for this repurchase is $107.6 million. In exchange for the repurchased shares, the company will pay $40.0 million with cash on hand and issue 67,597 shares of Series B Perpetual Redeemable Preferred Stock, which will have an aggregate initial liquidation preference of $67.6 million and will be redeemable at any time at the Company’s option for the original liquidation preference plus accrued and unpaid dividends.