SP Plus (SP) Reports Additional $50M Share Buyback Authorization

SP Plus Corporation (NASDAQ: SP) today announced its Board has approved a new share repurchase authorization of $50 million. This new authorization is in addition to the approximately $11.5 million currently remaining under the Company‘s prior $50 million repurchase authorization that was approved in July 2019.

G Marc Baumann, Chief Executive Officer, stated, “We are pleased with the new repurchase authorization, which provides us flexibility to opportunistically repurchase additional shares, given market conditions and our confidence in our long-term growth prospects. We believe our significant free cash flow provides ample funding to execute on our capital allocation priorities, which remain organic investments, acquisitions and opportunistic share repurchases.”

The Company’s stock purchase programs do not obligate the Company to acquire any particular dollar amount or number of shares or to acquire shares on any particular timetable, and the programs may be suspended at any time at the Company’s discretion. The Company will make any repurchases of shares under the programs on the open market, which may include repurchases pursuant to Rule 10b5-1 trading plans, at times and prices considered appropriate, from time to time at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions, applicable legal and regulatory requirements and other relevant factors.

You May Also Be Interested In

• Agility Robotics to go public via $2.5B SPAC merger
• Green Dot and CommerceOne shareholders approve acquisition deal
• RBC Capital Starts PRO REIT (PRV-U:CN) at Outperform