Forward Air Authorizes $50M Stock Repurchase Program
Ticker: FWRD · Form: 8-K · Filed: Jun 4, 2024 · CIK: 912728
Sentiment: bullish
Topics: stock-repurchase, shareholder-value, board-approval
TL;DR
Forward Air is buying back up to $50M of its stock until 2026.
AI Summary
Forward Air Corp. announced on June 3, 2024, that its Board of Directors has approved a new stock repurchase program. The company is authorized to repurchase up to $50 million of its common stock through June 3, 2026.
Why It Matters
This move signals management's confidence in the company's financial health and its stock's valuation, potentially boosting shareholder value.
Risk Assessment
Risk Level: low — Stock repurchase programs are common and generally indicate a stable financial position.
Key Numbers
- $50.0M — Stock Repurchase Authorization (The maximum amount the company can spend on repurchasing its own shares.)
Key Players & Entities
- Forward Air Corp. (company) — Registrant
- $50 million (dollar_amount) — Stock repurchase authorization
- June 3, 2026 (date) — Expiration of repurchase program
- June 3, 2024 (date) — Effective date of repurchase program
FAQ
What is the total amount authorized for the stock repurchase program?
The company has authorized the repurchase of up to $50 million of its common stock.
When does the new stock repurchase program expire?
The program is authorized to continue through June 3, 2026.
Who approved the stock repurchase program?
The Board of Directors of Forward Air Corp. approved the program.
What is the effective date of the stock repurchase program?
The program became effective on June 3, 2024.
What type of security is being repurchased?
The company is authorized to repurchase its common stock.
Filing Stats: 794 words · 3 min read · ~3 pages · Grade level 13.1 · Accepted 2024-06-04 17:23:37
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value FWRD NASDAQ Indicate by che
Filing Documents
- fwrd-20240603.htm (8-K) — 51KB
- 0001628280-24-026636.txt ( ) — 176KB
- fwrd-20240603.xsd (EX-101.SCH) — 2KB
- fwrd-20240603_lab.xml (EX-101.LAB) — 22KB
- fwrd-20240603_pre.xml (EX-101.PRE) — 13KB
- fwrd-20240603_htm.xml (XML) — 3KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders. On June 3, 2024, Forward Air Corporation (the "Company") held its annual meeting of shareholders, at which the Company's shareholders approved the proposals described in the Company's Proxy Statement, filed with the Securities and Exchange Commission on May 20, 2024 (the "Proxy Statement"). Proposal 1 The Company's shareholders voted to approve, in accordance with Nasdaq Listing Rule 5635(a), (i) the issuance of shares of the Company's common stock ("Company Common Stock") upon the conversion of the outstanding Company Series C Preferred Units that were issued in connection with the acquisition of Omni Newco, LLC (the "Omni Acquisition") and (ii) the issuance of fractional units of Company Series B Preferred Stock (as defined in the Proxy Statement) upon the conversion of Opco Series C-2 Preferred Units that were issued in connection with the Omni Acquisition into Opco Class B Units, and the issuance of Company Common Stock upon the exchange of such fractional units of Company Series B Preferred Stock (together with corresponding Opco Class B Units) (in each case, as defined in the Proxy Statement) as set forth below. In accordance with Nasdaq listing rules, the voting results below do not include votes cast that correspond to those shares of Company Common Stock or Company Series B Preferred Units issued by the Company as consideration for the Omni Acquisition. Votes For Votes Against Abstentions 16,834,760 1,396,341 2,607,155 Proposal 2 The Company's shareholders elected twelve individuals to the Board of Directors, as set forth below: Name Votes For Votes Withheld Broker Non-Votes Ana B. Amicarella 23,172,612 955,809 0 Charles L. Anderson 22,646,327 533,506 0 Valerie A. Bonebrake 23,419,020 709,401 0 Dale W. Boyles 23,608,395 520,026 0 R. Craig Carlock 23,294,134 834,287 0 Robert L. Edwards, Jr. 22,646,467 533,366 0 Christine M. Gorjanc 22,400,466 1,727,955 0 Michael B. Hodge 2