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Werner Enterprises Inc. Chairman of Board-Emeritus sold: $579.25m-June 9
This is a secondary and under-written by Morgan Stanley
There are two types of these dilutive and non-dilutive…follow the link here for a description
None of these are ever good imo-you still have a release of shares into the open market where they did not exist previously..created or already issued.
Secondary Offering
https://www.investopedia.com/terms/s/secondaryoffering.asp
On June 8, 2020, the Clarence L. Werner Revocable Trust, for which the Reporting Person is the grantor and serves as sole trustee, sold 14,130,523 shares in a registered underwritten secondary offering. On June 3, 2020, Werner Enterprises, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with the Clarence L. Werner Revocable Trust (the "Selling Shareholder") and Morgan Stanley & Co. LLC, as representative of the several underwriters named therein (the "Underwriters"), in connection with the offer and sale by the Selling Shareholder of 12,845,930 shares (the "Firm Shares") of the Company's common stock, par value $0.01 per share, at a price of $41.00 per share in an underwritten public offering. Pursuant to the terms of the Underwriting Agreement, the Selling Shareholder granted the Underwriters a 30-day option to purchase up to an additional 1,284,593 shares (the "Option Shares" and, together with the Firm Shares, the "Shares") of common stock on the same terms and conditions. On June 4, 2020, the Underwriters exercised their option to purchase the Option Shares in full. The sale of the Shares pursuant to the Underwriting Agreement was completed on June 8, 2020. The Company did not receive any proceeds from the sale of the Shares by the Selling Shareholder.
Clarence L. Werner is the founder of Werner Enterprises, Inc. He is on the board of Werner Enterprises, Inc. (former Executive Chairman) and Clarence L. Werner Revocable Trust.
Werner Enterprises, Inc. is a transportation and logistics company. The Company is engaged in transporting truckload shipments of general commodities in both interstate and intrastate commerce. It operates through two segments: Truckload and Werner Logistics. It provides logistics services through its Werner Logistics division. As of December 31, 2016, it had a fleet of approximately 7,100 trucks, of which 6,305 were company-operated and 795 were owned and operated by independent contractors. Its Werner Logistics division operated 74 intermodal drayage trucks as of December 31, 2016. Its Truckload segment comprises the One-Way Truckload and Specialized Services units. It operates in several provinces of Canada to provide through-trailer service into and out of Mexico. Its Werner Logistic segment is a non-asset-based transportation and logistics provider and comprises four operating units: truck brokerage, freight management, the intermodal and Werner Global Logistics international. Number of employees : 13 276 people.
https://www.marketscreener.com/WERNER-ENTERPRISES-INC-11371/company/
https://www.finviz.com/insidertrading.ashx?oc=1233307&tc=7
MAGMA88 Dornier 146-A departed from Comayagua, Honduras AB Enrique Soto Cano north-after an inbound from Ft. Bragg and had a ground stop at Tampa INt'l on the way down
GRZLY50 USMC C-560 west from Austin Int'l after it's start earlier today at March AFB, CA and ground stops at MCAS Miramar, El Paso Int'l and Austin Int'l Airports
CROAK55 US Navy E-6B Mercury on the backside of it's track today current nw vector
SAM848 USAF G5 departed JBA nw
U.S. Treasury chief says considering more direct payments in next chinavirus aid bill
U.S. Treasury Secretary Steven Mnuchin said on Wednesday he would seriously consider more direct payments to individuals in the next phase of coronavirus rescue legislation, adding that funds should also be targeted to help sectors struggling to reopen, including hospitality and tourism.
Testifying before the U.S. Senate Small Business Committee, Mnuchin said the Treasury also planned to issue new guidance this week to ease rules that prohibit business owners with a criminal conviction in the past five years from accessing forgivable Paycheck Protection Program loans. That would be reduced to three years, and Mnuchin said he was open to easing the rules further.
Mnuchin said he “definitely” believed another round of federal coronavirus aid would be needed, including measures to create jobs. Congress has so far passed three coronavirus bills totaling about $3 trillion in programs, including the small- business payroll loans, payments to individuals, money for healthcare providers and Federal Reserve credit market backstops. “We will have a significant amount of unemployment and we’re going to need to look at doing something there,” Mnuchin said. “I think we’re going to seriously look at whether we want to do more direct money to stimulate the economy, but I think this is all going to be about getting people back to work.”
The Treasury chief, who has negotiated most of the programs with congressional leaders, also said he was open to “repurposing” some of the unused funds. When asked if he would consider allowing some $130 billion in unclaimed PPP funds to be used to rebuild businesses damaged during recent protests over police brutality, Mnuchin said he would consider the idea. He cautioned against rushing into a fourth bill as the economy was starting to reopen. But some sectors that have been slow to reopen, including restaurants and travel-related industries, may need more help, he said.
“Small business and by the way, many big businesses, in certain industries are absolutely going to need more help,” Mnuchin said.
https://www.reuters.com/article/us-health-coronavirus-mnuchin/u-s-treasury-chief-says-considering-more-direct-payments-in-next-coronavirus-aid-bill-idUSKBN23H214
>somebody punch him please…..
o7