Covenant logistics group announces amended stock repurchase program and 10b5-1 trading plan

Chattanooga, tenn., jan. 31, 2023 (globe newswire) -- covenant logistics group, inc. (nasdaq/gs: cvlg) (“covenant” or the “company”) announced today that on january 30, 2023, the company's board of directors approved an amendment to the company's stock repurchase program authorizing the purchase of up to an aggregate $55 million of the company's class a common stock in open market or privately negotiated transactions. the amendment added an incremental approximately $37.5 million to the approximately $17.5 million that was currently remaining under the program. the stock repurchase program does not obligate the company to repurchase any specific number of shares and the company may suspend or terminate the program at any time without prior notice. in conjunction with the amendment, the company adopted a rule 10b5-1 plan with defined trading parameters that will be executed by the program administrator consistent with the plan and rule 10b-18. the plan will commence in february of 2023 and expire january 31, 2024.
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