Knight Transportation Selling Stock
Knight Transportation, Phoenix, is selling 2.5 million shares
Knight Transportation, Phoenix, is selling 2.5 million shares.
According to published reports, half of the shares will be sold by the company itself, raising more than $30 million based on current stock prices of around $25. The money will be used for debt repayment and other general uses, which may include acquisitions or funding internal growth, according to the filing with the Securities and Exchange Commission.
Knight's four founders, Randy, Kevin, Gary and Keith Knight, each plan to sell 295,750 shares -- worth about $7.2 million. Another shareholder, John Fayard Jr., filed to sell 67,000 shares. The sale will cut the founders' collective stake in the company to 37 percent from 44 percent, according to the filing.
Five years ago, Knight's stock was going for less than $10 a share.
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