Liquidity Services Announces Approval of New $10,000,000 Stock Repurchase Program
March 08 2021 - 6:45AM
Liquidity Services, Inc. (NASDAQ: LQDT; www.liquidityservices.com),
the world’s largest B2B e-commerce marketplace for business and
government surplus, announced today that its Board of Directors has
authorized a new share repurchase program of up to $10,000,000 of
the Company’s common stock. The repurchase program will commence
today and expire on March 31, 2023. The timing and actual number of
shares repurchased will depend on a variety of factors, including
price, general business and market conditions, and the existence of
alternative investment opportunities. The repurchase program will
be executed consistent with the Company's capital allocation
strategy of prioritizing investment to grow the business over the
long term.
Under the repurchase 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 (the “SEC”) and other
applicable legal and regulatory 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.
Forward-Looking StatementsThis
document contains forward-looking statements made pursuant to the
Private Securities Litigation Reform Act of 1995. These statements
are only predictions. The outcome of the events described in these
forward-looking statements is subject to known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity (including the extent of our share repurchase
activity, if any), performance or achievements to differ materially
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. These statements include, but are not limited to,
statements regarding the Company’s business outlook; expected
future results; expected future effective tax rates; and trends and
assumptions about future periods. You can identify forward-looking
statements by terminology such as “may,” “will,” “should,” “could,”
“would,” “expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential,” “continues” or the negative
of these terms or other comparable terminology. Our business is
subject to a number of risks and uncertainties, and our past
performance is no guarantee of our performance in future periods.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or
achievements.
There are several risks and uncertainties that
could cause our actual results to differ materially from the
forward-looking statements in this document. Important factors that
could cause our actual results to differ materially from those
expressed as forward-looking statements are set forth in our
filings with the SEC from time to time, and include, among others,
potential economic and operational impacts related to the COVID-19
pandemic, especially if there is a rise in COVID-19 deaths that
precipitates re-closures or extended restrictions on international
travel; the impact of the COVID-19 pandemic on our Company, our
employees, our sellers and buyers, and global supply chains;
disruptions of transactions due to the COVID-19 pandemic, including
the impact of such disruptions on the Company’s ability to generate
profits, stabilize or grow GMV or accurately forecast transactions;
disruptions in the Company’s workforce as a results of the
Company’s efforts to limit of the impact of the COVID-19 pandemic
on the Company’s operations and financial condition; and the risks
and uncertainties set forth in the Company’s Annual Report on Form
10-K for the year ended September 30, 2020 and in the Company’s
Quarterly Report on Form 10-Q for the quarter ended December 31,
2020, which is available on the SEC and Company websites. There may
be other factors of which we are currently unaware or which we deem
immaterial that may cause our actual results to differ materially
from the forward-looking statements.
All forward-looking statements attributable to
us or persons acting on our behalf apply only as of the date of
this document and are expressly qualified in their entirety by the
cautionary statements included in this document. Except as may be
required by law, we undertake no obligation to publicly update or
revise any forward-looking statement to reflect events or
circumstances occurring after the date of this document or to
reflect the occurrence of unanticipated events.
About Liquidity
ServicesLiquidity Services (NASDAQ:LQDT) operates leading
e-commerce marketplaces that enable buyers and sellers to transact
in an efficient, automated environment offering over 600 product
categories. The company employs innovative e-commerce marketplace
solutions to manage, value and sell inventory and equipment for
business and government sellers. Our superior service, unmatched
scale and ability to deliver results enable us to forge trusted,
long-term relationships with over 14,000 sellers worldwide. With
over $8 billion in completed transactions, and more than 3.8
million buyers in almost 197 countries and territories, we are the
proven leader in delivering smart B2B e-commerce solutions.
Contact:Investor
Relations800-310-4604investorrelations@liquidityservicesinc.com
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