Green Dot to Repurchase $50 Million of Class A Common Stock
March 13 2017 - 4:50PM
Business Wire
Company has now repurchased $150 million of its Class A
Common stock since September of 2015
Green Dot Corporation [NYSE: GDOT] today announced that in March
2017 it entered into a definitive agreement with Bank of America
Merrill Lynch to purchase a total of $50 million of its Class A
common stock under an accelerated stock repurchase transaction,
with actual repurchase activity under that agreement being subject
to certain conditions that have now been met.
Under the agreement, Green Dot will receive an initial delivery
of approximately 1.3 million shares. The final number of shares to
be repurchased and the aggregate cost per share to Green Dot will
be based on Green Dot’s volume-weighted average stock price during
the term of the transaction, which is expected to be completed by
September 2017.
With this transaction, Green Dot has now repurchased $150
million of its Class A common stock since September of 2015 under
its previously-announced $150 million repurchase authorization.
About Green Dot
Green Dot Corporation, along with its wholly owned subsidiary
bank, Green Dot Bank, is a bank holding company regulated by the
Board of Governors of the Federal Reserve System and the Utah
Department of Financial Institutions. Green Dot is widely
recognized as the inventor of the prepaid debit card industry and
is the largest provider of reloadable prepaid debit cards and cash
reload processing services in the United States. Green Dot is also
a leading financial technology company and the largest processor of
tax refund disbursements in the U.S. through its wholly owned
subsidiary, TPG. Green Dot is also a leading provider of mobile
banking with its GoBank checking account sold at retailers
nationwide and through integrated technology partners. Green Dot's
products and services are available to consumers through a
distribution network of more than 100,000 U.S. locations, as well
as online, in the leading app stores and through leading online tax
preparation providers. Headquartered in Pasadena, Calif., it has
additional facilities throughout the United States and in Shanghai,
China.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170313006396/en/
For Green Dot CorporationInvestor
Relations626-765-2427IR@greendot.comorMedia RelationsBrian Ruby,
203-682-8268Brian.Ruby@icrinc.com
Green Dot (NYSE:GDOT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Green Dot (NYSE:GDOT)
Historical Stock Chart
From Sep 2023 to Sep 2024