CHATTANOOGA, Tenn.--(BUSINESS WIRE)--U.S. Xpress Enterprises, Inc. (NYSE:USX) (the “Company”) announced today that its Executive Chairman, Max Fuller, adopted a written purchase plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, and the Company's policies regarding stock transactions (the "10b5-1 Purchase Plan") for the purchase of up to approximately $2.0 million of the Company's Class A common stock. The purchases covered by the 10b5-1 Purchase Plan are in addition to the approximately $28.2 million of the Company’s common stock purchased by Mr. Fuller and the Company’s CEO and President, Eric Fuller, since the date of the Company’s IPO. Purchases under the 10b5-1 Purchase Plan are subject to certain market pricing parameters and trading limitations.
In accordance with Rule 10b5-1, Mr. Fuller will have no discretion over purchases under the 10b5-1 Purchase Plan. Because the purchases under the 10b5-1 Purchase Plan are subject to certain market pricing parameters and trading limitations, there is no guarantee as to the exact number of shares that will be purchased under the 10b5-1 Purchase Plan, or that there will be any purchases pursuant to the 10b5-1 Purchase Plan.
Any transactions made under the 10b5-1 Purchase Plan will be reported to the Securities and Exchange Commission in accordance with applicable securities laws, rules, and regulations. Except as may be so required, neither the Company nor Mr. Fuller undertake any obligation to update or report any modification, termination, or other activity under the 10b5-1 Purchase Plan or any other plan that may be adopted by other officers or directors of the Company.
About U.S. Xpress Enterprises
Founded in 1985, U.S. Xpress Enterprises, Inc. is the nation’s fifth largest asset-based truckload carrier by revenue, providing services primarily throughout the United States. We offer customers a broad portfolio of services using our own truckload fleet and third‐party carriers through our non‐asset‐based truck brokerage network. Our modern fleet of tractors is backed up by a team of committed professionals whose focus lies squarely on meeting the needs of our customers and our drivers.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," “outlook,” and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release, the statements relating to purchases under the 10b5-1 Purchase Plan are forward-looking statements. The following factors, among others, could cause actual results to differ materially from those in the forward-looking statements: the risks related to the market for the Company’s Class A common stock. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.