USA Truck, Inc. (NASDAQ: USAK), a leading North American transportation and logistics solutions provider, today announced that its Board of Directors has unanimously voted to terminate the Company’s Stockholders’ Rights Plan (the “Plan”) effective April 11, 2014. Chairman of the Board Robert A. Peiser commented, “We adopted the Stockholders’ Rights Plan in November 2012 as we began implementing a comprehensive turnaround program, designed to bring increased value to USA Truck’s stockholders and increased opportunities for our employees. The Plan was designed to give the Company time to execute our turnaround without unnecessary distractions, including unsolicited and inadequate takeover offers. “Over the past 18 months, under the leadership of President and CEO John Simone, we expanded our senior management team and began capitalizing on USA Truck’s blue-chip customer base, dedicated employees and substantial assets. With the turnaround well underway, and with our stock price having appreciated well above the price existing at the time of the Plan’s adoption, the Plan has served its intended purpose. The Board’s decision to terminate the Plan demonstrates our confidence in the Company’s management team, ongoing strategy and employees.” The termination will be effected by amending the Plan, commonly known as a “poison pill,” to accelerate its expiration date to the close of business on April 11, 2014. Stockholders are not required to take any action as a result of the termination. USA Truck will be taking routine actions to terminate, deregister and delist the related preferred share purchase rights under applicable law, including the Securities Exchange Act of 1934. USA Truck has not arranged for listing and/or registration of the preferred share purchase rights on another national securities exchange or for quotation of the preferred share purchase rights in a quotation medium. These actions are administrative in nature and will have no effect on USA Truck’s common stock, which continues to be listed on NASDAQ.
USA Truck Accelerates Termination Date of Stockholders Rights Plan
By: PR Newswire | Apr 10 2014 at 08:00 AM | Intermodal