ShotSpotter Announces $15 Million Stock Repurchase Program
May 23 2019 - 8:00AM
ShotSpotter, Inc. (NASDAQ: SSTI), the leader in
gunshot detection solutions that help law enforcement officials and
security personnel identify, locate and deter gun violence, today
announced that its Board of Directors has approved a program for
the repurchase of up to $15,000,000 of its common stock.
“Given our strong balance sheet and healthy cash
flow position, we are afforded the opportunity to continue
investing in our strategic organic growth drivers, preserve
optionality for potential tuck-in acquisitions, and simultaneously
return excess cash to our stockholders through a stock repurchase
program,” said Ralph Clark, CEO of ShotSpotter. “This program is
also intended to help offset dilution from our employee equity
plans. Our management team and board of directors believe that the
repurchase program underscores the Company’s ongoing commitment to
increasing stockholder value.”
Repurchases, if any, under the program may be
made from time to time on the open market at prevailing market
prices or in negotiated transactions off the market.
Safe Harbor Statement
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, including but
not limited to statements regarding the company’s stock repurchase
program and ability to continue to invest in strategic organic
growth drivers, act opportunistically on strategic acquisition
opportunities and provide a return of cash to stockholders. Words
such as “may,” “intend,” and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond the
company’s control. The company’s actual results could differ
materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited to
the limitations on the company’s ability to purchase shares of its
Common Stock pursuant to Rule 10b-18 under the Securities Exchange
Act of 1934 and the risk factors included in the company’s most
recent annual report on Form 10-Q and other SEC filings. These
forward-looking statements are made as of the date of this press
release and are based on current expectations, estimates, forecasts
and projections as well as the beliefs and assumptions of
management. Except as required by law, the company undertakes no
duty or obligation to update any forward-looking statements
contained in this release as a result of new information, future
events or changes in its expectations.
About ShotSpotter, Inc.
ShotSpotter (NASDAQ: SSTI) provides
precision-policing solutions for law enforcement to help deter gun
violence and make cities, campuses and facilities safer. The
company’s flagship product, ShotSpotter® Flex™, is the leading
gunshot detection, location and forensic system trusted by 100
cities. ShotSpotter® Missions™ uses artificial intelligence-driven
analysis to help strategically plan patrol missions and tactics for
maximum crime deterrence. ShotSpotter has been designated a Great
Place to Work® Company.
Company Contact:
Alan Stewart, CFOShotSpotter, Inc. +1 (510)
794-3100 astewart@shotspotter.com
Investor Relations
Contacts:
Matt GloverGateway Investor Relations+1 (949)
574-3860SSTI@gatewayir.com
JoAnn HorneMarket Street Partners+1 (415)
445-3240jhorne@marketstreetpartners.com
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