KNIGHT TRANSPORTATION, INC. (NYSE:KNX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
Agreement and Plan of Merger
As previously announced, on April 9, 2017, Knight Transportation,
Inc., an Arizona Corporation (the Company) entered into an
Agreement and Plan of Merger (the Merger Agreement) with Swift
Transportation Company, a Delaware corporation (Swift), and
Bishop Merger Sub, Inc., an Arizona corporation and direct wholly
owned subsidiary of Swift (Merger Sub).
Transaction Structure
The Merger Agreement provides that, subject to the terms and
conditions thereof, Merger Sub will merge with and into the
Company (the Merger), with the Company continuing as the
surviving corporation in the Merger. Immediately prior to the
effective time of the Merger (the Effective Time) the certificate
of incorporation of Swift will be amended and restated (the
Amended Swift Charter) to reflect, among other things, (i) Swifts
corporate name will change to Knight-Swift Transportation
Holdings Inc., (ii) each issued and outstanding share of Class B
common stock, par value $0.01 per share, of Swift (the Swift
Class B Common Stock) will be converted (the Class B Conversion)
into one share of Class A common stock, par value $.01 per share,
of Swift (the Swift Common Stock) and (iii) immediately
thereafter, each issued and outstanding share of Swift Common
Stock (including each share of Swift Common Stock into which the
shares of Swift Class B Common Stock was converted to the Class B
Conversion) will, by means of a reverse stock split (the Reverse
Split), be consolidated into 0.720 of a share of Swift Common
Stock (the Swift Share Consolidation Ratio).
At the Effective Time, by virtue of the Merger, each share of
common stock, par value $0.01 per share, of the Company (the
Company Common Stock) issued and outstanding immediately prior to
the Effective Time (other than shares held in the treasury of the
Company or owned or held, directly or indirectly, by Swift or any
wholly owned subsidiary of the Company or Swift, in each case not
held in a fiduciary capacity on behalf of a third-party) will be
converted into the right to receive one share of Swift Common
Stock, upon the terms and subject to the conditions set forth in
the Merger Agreement.
At the Effective Time, to the Merger Agreement, each stock
option, restricted stock award, restricted stock unit and
performance stock unit granted under an equity plan of the
Company, whether vested or unvested (collectively, the Company
Equity Awards), that is outstanding immediately prior to the
Effective Time, will be assumed by Swift and will be
automatically converted into a corresponding equity-based award
in Swift (each a New Swift Equity Award) with the right to hold
or acquire shares of Swift Common Stock equal to the number of
shares of Company Common Stock previously underlying such Company
Equity Award. Each New Swift Equity Award will be subject to the
same terms and conditions as the corresponding Company Equity
Award. At the effective time, to the Merger Agreement, Swift will
assume all rights and obligations in respect of each equity-based
plan of the Company.
By virtue of the Reverse Split and at the effective time of such
Reverse Split (the Reverse Split Time), each stock option,
restricted stock award, restricted stock unit and performance
stock unit granted under an equity-based plan of Swift, whether
vested or unvested (collectively, the Swift Equity Awards) that
is outstanding immediately prior to the Reverse Split Time and
that will not by its terms vest as of the Effective Date, will be
adjusted such that the number of shares of Swift Common Stock
underlying such Swift Equity Awards is consolidated by the Swift
Share Consolidation Ratio. As of the Effective Time, each Swift
Equity Award outstanding immediately prior to the Reverse Split
Time that vests by its terms as of the Effective Time or that is
otherwise vested, will entitle such holder to hold or receive
Swift Common Stock as adjusted by the Swift Share Consolidation
Ratio (without giving effect to the Reverse Split). Each Swift
Equity Award will otherwise have the same terms and conditions as
applied to the corresponding award as of immediately prior to the
Effective Time.
Governance
Following the consummation of the Merger, the board of directors
of the combined company (Knight-Swift) will consist of (i) all of
the members of the Companys board of directors immediately prior
to the Effective Time and (ii) four individuals currently serving
as members of Swifts board of directors, who will be Jerry Moyes,
Glenn Brown, Richard Dozer and David Vander Ploeg. Kevin P.
Knight, the current Executive Chairman of the Company and David A
Jackson, the current President and Chief Executive Officer of the
Company, will become the Executive Chairman of Knight-Swift and
the Chief Executive Officer of Knight-Swift, respectively.
Conditions to the Merger
The consummation of the Merger and the filing of the Amended
Swift Charter are subject to the satisfaction or waiver of
certain closing conditions, including, (i) the approval of the
Company stockholders and the Swift stockholders, (ii) the
expiration or termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (and the
Federal Economic Competition Law of Mexico, if required), (iii)
the effectiveness of a registration statement on Form S-4
registering the Swift Common Stock to be issued in the Merger,
(iv)the approval of the shares of Swift Common Stock to be issued
in the Merger for listing on the New York Stock Exchange, (v) the
absence of any temporary restraining order, injunction or other
judgment, order or decree issued by any governmental entity or
other legal restraint or prohibition preventing the consummation
of the Merger, (vi) the receipt of certain tax opinions by the
Company and Swift, (vii) the accuracy of certain representations
and warranties of the Company and of Swift contained in the
Merger Agreement and the compliance by the parties with the
covenants contained in the Merger Agreement, and (viii) other
conditions specified in the Merger Agreement.
Other Terms of the Merger Agreement
The Merger Agreement contains customary representations,
warranties and covenants for a transaction of this nature. The
Merger Agreement also contains customary mutual pre-closing
covenants, including the obligation of the Company and Swift to
conduct their respective businesses in all material respects in
the ordinary course and to refrain from taking certain specified
actions without the consent of the other party.
The Merger Agreement provides that, during the period from the
date of the Merger Agreement until the earlier of the Effective
Time or the termination of the Merger Agreement, each of the
Company and Swift will be subject to certain restrictions on its
ability to solicit alternative acquisition proposals from third
parties, to provide non-public information to third parties and
to engage in discussions with third parties regarding alternative
acquisition proposals, subject to certain exceptions.
The Merger Agreement also provides for certain customary
termination rights for both Swift and the Company. Upon
termination of the Merger Agreement under certain specified
circumstances, Swift may be required to pay the Company a
termination fee of $89,100,000 and the Company may be required to
pay Swift a termination fee of $75,300,000. If the Merger
Agreement is terminated because the required Company stockholder
vote is not obtained, the Company will be required to reimburse
Swift for expenses incurred in connection with the Merger
Agreement, in an amount not to exceed $10,000,000. If the Merger
Agreement is terminated because the required Swift stockholder
vote is not obtained, Swift will be required to reimburse the
Company for expenses incurred in connection with the Merger
Agreement, in an amount not to exceed $10,000,000.
In addition to the foregoing termination rights, either party may
terminate the Merger Agreement if the Merger is not consummated
on or before January 18, 2018, subject to certain exceptions.
The foregoing description of the Merger and the Merger Agreement
does not purport to be complete and is subject to, and qualified
in its entirety by, the full text of the Merger Agreement, a copy
of which is attached hereto as Exhibit 2.1 and is incorporated
into this report by reference in its entirety. The Merger
Agreement has been attached to provide investors with information
regarding its terms. It is not intended to provide any other
factual information about the Company or Swift or to modify or
supplement any factual disclosures about the Company in its
public reports filed with the U.S. Securities and Exchange
Commission (the SEC). The Merger Agreement includes
representations, warranties and covenants of Swift and the
Company made solely for the purposes of the Merger Agreement and
which may be subject to important qualifications and limitations
agreed to by Swift and the Company in connection with the
negotiated terms of the Merger Agreement. Moreover, some of those
representations and warranties may not be accurate or complete as
of any specified date, may be subject to a contractual standard
of materiality different from those generally applicable to the
Companys SEC filings or may have been used for purposes of
allocating risk among Swift and the Company rather than
establishing matters as facts. Accordingly, the representations
and warranties in the Merger Agreement should not be relied on as
characterizations of the actual state of facts about the Company
or Swift.
Support Agreements
In connection with entering into the Merger Agreement, Jerry
Moyes and affiliates of Jerry Moyes (the Moyes Supporting
Stockholders) who collectively hold 56% of the voting power of
the outstanding capital stock of Swift, entered into a voting and
support agreement with the Company (the Swift Support Agreement).
The Swift Support Agreement requires that the Moyes Supporting
Stockholders vote their Swift Class B Common Stock and Swift
Common Stock to approve the Merger and take certain other actions
in furtherance of the transactions contemplated by the Merger
Agreement, including voting any shares such parties then hold
against an alternative acquisition proposal. The Swift Support
Agreement and the obligations thereunder terminate upon a
termination of the Merger Agreement, including in the event the
board of directors of Swift elects to terminate the Merger
Agreement to pursue an unsolicited superior proposal or the board
of directors of Swift elects to change its recommendation in
respect of the Merger and the Company elects to terminate. The
Swift Support Agreement and the obligations thereunder may also
terminate if the Company does not obtain Jerry Moyes written
consent prior to certain specified amendments to the Gary Knight
Support Agreement (as defined below), the Kevin Knight Support
Agreement (as defined below), and the Merger Agreement or
Exhibits thereto. Upon termination of the Merger Agreement and
Swift Support Agreement under certain specified circumstances,
Jerry Moyes may be required to pay the Company a termination fee
of $25,000,000
The foregoing summary of the Swift Support Agreement does not
purport to be a complete description and is qualified in its
entirety by reference to the full text of the Swift Support
Agreement, which is attached hereto as Exhibit 10.1 and is
incorporated herein by reference.
Item 8.01 Other Events
Support Agreements
In connection with entering into the Merger Agreement, Gary
Knight and affiliates of Gary Knight (the Gary Knight Supporting
Stockholders) who collectively hold approximately 6% of the
issued and outstanding Company Common Stock, entered into a
voting and support agreement with Swift (the Gary Knight Support
Agreement). The Gary Knight Support Agreement requires that the
Gary Knight Supporting Stockholders vote their Company Common
Stock to approve the Merger and take certain other actions in
furtherance of the transactions contemplated by the Merger
Agreement, including voting any shares such parties then hold
against an alternative acquisition proposal. The Gary Knight
Support Agreement and the obligations thereunder terminate upon a
termination of the Merger Agreement, including in the event the
board of directors of the Company elects to terminate the Merger
Agreement to pursue an unsolicited superior proposal or the board
of directors of the Company elects to change its recommendation
in respect of the Merger and Swift elects to terminate.
In connection with entering into the Merger Agreement, Kevin
Knight and affiliates of Kevin Knight (the Kevin Knight
Supporting Stockholders) who collectively hold approximately 3.5%
of the issued and outstanding Company Common Stock, entered into
a voting and support agreement with Swift (the Kevin Knight
Support Agreement). The Kevin Knight Support Agreement requires
that the Kevin Knight Supporting Stockholders vote their Company
Common Stock to approve the Merger and take certain other actions
in furtherance of the transactions contemplated by the Merger
Agreement, including voting any shares such parties then hold
against an alternative acquisition proposal. The Kevin Knight
Support Agreement and the obligations thereunder terminate upon a
termination of the Merger Agreement, including in the event the
board of directors of the Company elects to terminate the Merger
Agreement to pursue an unsolicited superior proposal or the board
of directors of the Company elects to change its recommendation
in respect of the Merger and Swift elects to terminate.
The foregoing summary of the Gary Knight Support Agreement and
Kevin Knight Support Agreement does not purport to be a complete
description and is qualified in its entirety by reference to the
full text of the Gary Knight Support Agreement and the Kevin
Knight Support Agreement, which are attached hereto as Exhibits
99.1 and 99.2 and are incorporated herein by reference.
Stockholders Agreements
Concurrently with the execution and delivery of the Merger
Agreement, Swift entered into stockholders agreements with the
Gary Knight Supporting Stockholders (the Gary Knight Stockholders
Agreement), the Kevin Knight Supporting Stockholders (the Kevin
Knight Stockholders Agreement) and the Moyes Supporting
Stockholders (the Moyes Stockholders Agreement), which shall
become effective after the Effective Time.
Under the Moyes Stockholders Agreement, Jerry Moyes, or a
successor appointed by the Moyes Supporting Stockholders, has the
right to designate up to two (2) nominees to the board of
directors of Knight-Swift. If the Moyes Supporting Stockholders
collective voting power falls below 12.5% of the outstanding
capital stock of Knight-Swift, then the number of directors that
Jerry Moyes, or a successor appointed by the Moyes Supporting
Stockholders, may designate is reduced to one (1). To the extent
the Moyes Supporting Stockholders have voting power over more
than 12.5% of Knight-Swifts outstanding capital stock, the Moyes
Supporting Stockholders have agreed to vote such excess as
directed by a committee initially consisting of Jerry Moyes,
Kevin Knight and Gary Knight, with each committee member entitled
to appoint his respective successor, subject to the approval of
certain directors of Knight-Swift.
Under the Moyes Stockholders Agreement, the Moyes Supporting
Stockholders are subject to certain standstill provisions
providing that they will not, among other things, (i) increase
the percentage of Knight-Swifts stock beneficially owned by them,
collectively, by more than two (2) percentage points above their
ownership level as of the Effective Time, (ii) effect or seek any
merger, takeover, consolidation, business combination,
recapitalization, restructuring, liquidation, dissolution, or
other extraordinary transaction with or involving Knight-Swift or
any of its subsidiaries, (iii) make, or in any way participate
in, any solicitation of proxies to vote any shares or to take
shareholder action by written consent, (iv) commence litigation
against Knight-Swift or any of its subsidiaries (other than with
respect to contracts and director and officer indemnification
rights), or (v) publicly disparage Knight-Swift. The standstill
provisions are subject to certain exceptions, including certain
amendments and refinancings of the Moyes Supporting Stockholders
current pledging and hedging arrangements. The board designation
rights and standstill provisions cease if the Moyes Supporting
Stockholders beneficial ownership falls below 5% of the
outstanding shares of capital stock of Knight-Swift.
The foregoing summary of the Moyes Stockholders Agreement does
not purport to be a complete description and is qualified in its
entirety by reference to the full text of the Moyes Stockholders
Agreement, which is attached hereto as Exhibit 99.3 and is
incorporated herein by reference.
Under the Gary Knight Stockholders Agreement and Kevin Knight
Stockholders Agreement, the Gary Knight Supporting Stockholders
and the Kevin Knight Supporting Stockholders are subject to
certain standstill provisions providing that they will not, among
other things, (i) acquire more than 15% of the voting power of
Knight-Swift, (ii) effect or seek any merger, takeover,
consolidation, business combination, recapitalization,
restructuring, liquidation, dissolution, or other extraordinary
transaction with or involving Knight-Swift or any of its
subsidiaries, (iii), make, or in any way participate in, any
solicitation of proxies to vote any shares or to take shareholder
action by written consent, (iv) commence litigation against
Knight-Swift or any of its subsidiaries (other than with respect
to contracts and director and officer indemnification rights), or
(v) publicly disparage Knight-Swift. These standstill provisions
are subject to certain exceptions and cease if the Gary Knight
Supporting Stockholders or Kevin Knight Supporting Stockholders
beneficial ownership falls below 5% of the outstanding shares of
capital stock of Knight-Swift.
The foregoing summary of the Gary Knight Stockholders Agreement
and the Kevin Knight Stockholders Agreement does not purport to
be a complete description and is qualified in its entirety by
reference to the full text of the Gary Knight Stockholders
Agreement and Kevin Knight Stockholders Agreement, which are
attached hereto as Exhibits 99.4 and 99.5 and are incorporated
herein by reference.
Moyes Letter Agreement
On April 9, 2017, Swift and Jerry Moyes entered into a letter
agreement (the Moyes Letter Agreement), which will become
effective as of the Effective Time and at that time will amend
and restate the letter agreement Swift entered into with Mr.
Moyes on September 8, 2016 (the Prior Agreement). Commencing at
the Effective Time through December 31, 2019 (the Term), which
may be extended for one-year periods thereafter upon mutual
agreement of the parties, Mr. Moyes will serve in the
non-executive consulting role of Senior Advisor to the Executive
Chairman and the Vice Chairman of Knight-Swift. In accordance
with the Prior Agreement, Mr. Moyes will continue to receive
compensation of $200,000 per month during the Term, will continue
to vest in 94,418 outstanding stock options (with exercise prices
of $23,30 and $24.84) and will continue to vest in outstanding
performance equity awards, as if his employment continued on the
date of the Prior Agreement. The Moyes Letter Agreement also
includes customary release, confidentiality, non-competition and
non-solicitation provisions.
The foregoing summary of the Moyes Letter Agreement does not
purport to be a complete description and is qualified in its
entirety by reference to the full text of the Moyes Letter
Agreement, which is attached hereto as Exhibit 99.6 and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| EXHIBIT | |
| NUMBER | EXHIBIT DESCRIPTION |
| 2.1* |
Agreement and Plan of Merger, dated as of April 9, 2017, by and among Swift Transportation Company, Bishop Merger Sub, Inc. and Knight Transportation, Inc. |
| 10.1 |
Support Agreement, dated as of April 9, 2017, by and among Knight Transportation, Inc. Jerry Moyes, Vickie Moyes, Jerry and Vicky Moyes Family Trust Dated 12/11/87, Michael Moyes and LynDee Moyes Nester. |
| 99.1 |
Support Agreement, dated as of April 9, 2017, by and among Swift Transportation Company, Gary J. Knight and The Gary J. Knight Revocable Living Trust dated May 19, 1993, as amended. |
| 99.2 |
Support Agreement, dated as of April 9, 2017, by and among Swift Transportation Company, Kevin P. Knight and The Kevin and Sydney Knight Revocable Living Trust dated March 25, 1994, as amended. |
| 99.3 |
Stockholders Agreement, dated as of April 9, 2017 by and among Swift Transportation Company (to be renamed Knight-Swift Transportation Holdings Inc.), Jerry Moyes, Vickie Moyes, Jerry and Vickie Moyes Family Trust Dated 12/11/87, an Arizona grantor trust, LynDee Moyes Nester, Michael Moyes, and the Persons that may join from time to time. |
| 99.4 |
Stockholders Agreement, dated as of April 9, 2017, by and among Swift Transportation Company (to be renamed Knight-Swift Transportation Holdings Inc.), Gary J. Knight, The Gary J. Knight Revocable Living Trust dated May 19, 1993, as amended, and the Persons that may join from time to time. |
| 99.5 |
Stockholders Agreement, dated as of April 9, 2017, by and |
| 99.6 |
Letter Agreement, dated as of April 9, 2017, between Swift Transportation Company and Jerry Moyes. |
*All schedules to the Merger Agreement have been omitted to Item
601(b)(2) of Regulation S-K. A copy of any omitted schedule will
be furnished to the Securities and Exchange Commission upon
request.
Additional Information and Where You Can Find It
In connection with the proposed transaction, the Company and
Swift will file with the SEC a registration statement on Form S-4
that will include a joint proxy statement of the Company and
Swift and that also will constitute a prospectus for the shares
being issued to the Company shareholders in the proposed
transaction. The Company and Swift also may file other documents
with the SEC regarding the proposed transaction. This document is
not a substitute for the joint proxy statement/prospectus or
registration statement or any other document which the Company or
Swift may file with the SEC. INVESTORS AND SECURITY HOLDERS OF
KNIGHT AND SWIFT ARE URGED TO READ THE REGISTRATION STATEMENT,
THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT
DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL
AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY
AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED
MATTERS. Investors and security holders may obtain free copies of
the registration statement and the joint proxy
statement/prospectus (when available) and other documents filed
with the SEC by the Company and Swift through the web site
maintained by the SEC at www.sec.gov or by contacting the
investor relations department of the Company or Swift at the
following:
Knight Transportation, Inc.
2002 North 19th Avenue
Phoenix, AZ 85027
Attention: Investor Relations
1 (602) 606-6315
Swift Transportation, Company
2200 South 75th Avenue
Phoenix, AZ 85043
Attention: Investor Relations
1 (602) 269-9700
This document is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. This document is not a
substitute for the prospectus or any other document that Swift
may file with the SEC in connection with the proposed
transaction. No offering of securities shall be made, except by
means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended
Participants in the Solicitation
The Company, Swift, and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction. Information
regarding the Company’s directors and executive officers,
including a description of their direct interests, by security
holdings or otherwise, is contained in the Companys Form 10-K for
the year ended December 31, 2016 and its annual meeting proxy
statement filed on March 31, 2017, which are on file with the
SEC. Information regarding Swifts directors and executive
officers, including a description of their direct interests, by
security holdings or otherwise, is contained in Swifts Form 10-K
for the year ended December 31, 2016 and its annual meeting proxy
statement filed on April 22, 2016, which are filed with the SEC.
A more complete description will be available in the registration
statement on Form S-4 and the joint proxy statement/prospectus.
Cautionary Statement Regarding Forward-Looking
Statements
This report may contain forward-looking statements within the
meaning of the federal securities laws, including Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as expect, anticipate, intend, plan, believe,
seek, see, will, would, target, similar expressions, and
variations or negatives of these words. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, such as statements about the consummation of
the proposed transaction and the anticipated benefits thereof.
These and other forward-looking statements, including the failure
to consummate the proposed transaction or to make or take any
filing or other action required to consummate such transaction on
a timely matter or at all, are not guarantees of future results
and are subject to risks, uncertainties and assumptions that
could cause actual results to differ materially from those
expressed in any forward-looking statements. Important risk
factors that may cause such a difference include, but are not
limited to, (i) the completion of the proposed transaction on
anticipated terms and timing, including obtaining shareholder and
regulatory approvals, anticipated tax treatment, unforeseen
liabilities, future capital expenditures, revenues, expenses,
earnings, synergies, economic performance, indebtedness,
financial condition, losses, future prospects, business and
management strategies for the management, expansion and growth of
the new combined companys operations and other conditions to the
completion of the merger, (ii) the ability of the Company and
Swift to operate the business successfully and to achieve
anticipated synergies, (iii) potential litigation relating to the
proposed transaction that could be instituted against the
Company, Swift or their respective directors, (iv) the risk that
disruptions from the proposed transaction will harm the
Company’s or Swift’s business, including current plans and
operations, (v) the ability of the Company and Swift to retain
and hire key personnel, (vi) potential adverse reactions or
changes to business relationships resulting from the announcement
or completion of the merger, (vii) uncertainty as to the
long-term value of the combined company’s common stock, (viii)
continued availability of capital and financing and rating agency
actions, (ix) legislative, regulatory and economic developments,
and (x) unpredictability and severity of catastrophic events,
including, but not limited to, acts of terrorism or outbreak of
war or hostilities, as well as managements response to any of the
aforementioned factors. These risks, as well as other risks
associated with the proposed merger, will be more fully discussed
in the joint proxy statement/prospectus that will be included in
the registration statement on Form S-4 that will be filed with
the SEC in connection with the proposed merger. While the list of
factors presented here is, and the list of factors to be
presented in the registration statement on Form S-4 are,
considered representative, no such list should be considered to
be a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Consequences of
material differences in results as compared with those
anticipated in the forward-looking statements could include,
among other things, business disruption, operational problems,
financial loss, legal liability to third parties and similar
risks, any of which could have a material adverse effect on
Knight-Swift financial condition, results of operations, credit
rating or liquidity. Neither the Company nor Swift assumes any
obligation to publicly provide revisions or updates to any
forward looking statements, whether as a result of new
information, future developments or otherwise, should
circumstances change, and any such obligation is specifically
disclaimed, except as otherwise required by securities and other
applicable laws.
About KNIGHT TRANSPORTATION, INC. (NYSE:KNX)
Knight Transportation, Inc. is a provider of multiple truckload transportation and logistics services, which involve the movement of trailer or container loads of freight from origin to destination for a single customer. The Company operates through two segments: Trucking and Logistics. Its Trucking segment consists of three operating units: dry van truckload, temperature-controlled truckload and drayage services. The Trucking segment provides truckload transportation, including services of various products, goods and materials. Its Logistics segment consists of two operating units: freight brokerage services and rail intermodal. It provides logistics, freight management and other non-trucking services to its customers, through its Logistics segment. It provides a range of truckload and logistics services through its nationwide network of service centers, truckload tractor fleets and its contractual access to third-party capacity providers. It operates primarily in the United States. KNIGHT TRANSPORTATION, INC. (NYSE:KNX) Recent Trading Information
KNIGHT TRANSPORTATION, INC. (NYSE:KNX) closed its last trading session down -0.35 at 31.00 with 4,601,025 shares trading hands.