GreenBox Accelerates Stock Repurchase Program
- 06.01.2022 02:00 pm
GreenBox POS (NASDAQ: GBOX) ("GreenBox", the "Company"), an innovative blockchain ledger fintech company, today announced that its board of directors approved a substantial increase in the funds allocated for the immediate repurchase of the Company’s common shares, in the initial sum of $10M. This comes after the company already repurchased approximately 800,000 shares in the second half of 2021.
The timing and actual number of shares repurchased will depend on a variety of factors, including what GreenBox believes is an undervalued equity price, along with general business and market conditions and alternative investment opportunities. The repurchase program will be executed consistent with the Company’s capital allocation strategy, which will continue to prioritize aggressive investments to grow the business. Company insiders, as well as strategic business partners, will also be free to purchase stock when not under blackout periods.
The program will be funded using the company's cash on hand and cash from operations, which as of year-end 2021, was in excess of $80 million. The company had approximately 42.9 million shares of common stock outstanding as of September 30, 2021.
“This announcement demonstrates our commitment to GreenBox and our shareholders, as well as our confidence in the growth opportunities that lie ahead with strategic partners, potential acquisitions and expansion into new territories,” said Ben Errez, Chairman of GreenBox. “We intend to keep shareholders continuously apprised of our ongoing efforts from the intended progress of the various initiatives we are currently executing.”
Under the program, repurchases can be made from time to time using a variety of methods, including open market purchases, all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements.
The repurchase program does not obligate the Company to acquire any particular amount of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.