RTTNews | Jul 22, 2020 10:07AM EDT

10:06 Wednesday, July 22, 2020 (RTTNews.com) - Shares of transporation and logistics company Heartland Express, Inc. (HTLD) are falling more than 5% Wednesday morning at $20.28. The stock has been trading in the range of $15.65- $22.75 in the past one year.

The company on Tuesday announced a secondary stock offering by the the company's founding family, Gerdin family trust, of 3,260,870 shares at $20.50.

The Gerdin family and related trusts and partnerships will continue to hold about 40% stake after this offering.

Net proceeds from the offering will go to the selling stockholder.

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