Daseke Announces Completion of Founder's Stock Repurchase
ADDISON, Texas, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ:DSKE) ("Daseke" or the "Company") announced today that it has completed its repurchase of 17,932,725 shares of the Company's common stock from its founder, Mr. Don R. Daseke, and his affiliates at a purchase price of $6.00 per share (the "Founder's Repurchase"), which represents approximately 28.6% of the Company's issued and outstanding common shares as of November 9, 2022. As part of the Founder's Repurchase and effective therewith, Mr. Daseke has resigned from the Company's Board of Directors.
The total consideration for this repurchase was $107.6 million. In exchange for the repurchased shares, the Company paid $40.0 million with cash on hand and issued 67,597 shares of Series B Perpetual Redeemable Preferred Stock ("Series B Preferred"), which have an aggregate initial liquidation preference of $67.6 million and are redeemable at any time at the Company's option for the original liquidation preference plus accrued and unpaid dividends.
The Series B Preferred is divided into two tranches: 1) Series B-1 ($20,000,000) carrying a 13.0% cash-pay dividend; and 2) Series B-2 ($47,597,000) carrying a 7.0% cash-pay dividend. The initial, blended dividend rate is 8.78%, payable quarterly. Any repayments to the Series B Preferred will be first allocated to reduce any outstanding amounts under the Series B-1.
About Daseke, Inc.
Daseke, Inc. is the premier North American transportation solutions specialist dedicated to servicing challenging industrial end-markets. Daseke offers comprehensive, best-in-class services to a diversified portfolio of many of North America's most respected industrial shippers. For more information, please visit www.daseke.com.
Advisors
J.P. Morgan acted as financial advisor to Daseke in connection with the transaction.
Investor Relations:
Alpha IR Group
Joseph Caminiti or Ashley Gruenberg
312-445-2870
[email protected]
