CARLSBAD, Calif., Dec. 13, 2021 /PRNewswire/ -- Callaway Golf
Company (NYSE:ELY) (the "Company") announced today that the Board
of Directors has authorized the Company to repurchase up to
$50 million of the Company's common
stock in open market or in private transactions. This new
repurchase authorization replaces the pre-pandemic repurchase
program, which has been terminated by the Board of Directors.
The Company will assess market conditions, buying opportunities and
other factors from time to time and will make strategic repurchases
as appropriate. The repurchases will be made in compliance
with Rule 10b-18 under the Securities
Exchange Act of 1934, subject to market conditions, applicable
legal requirements and other factors, and the repurchases will be
made consistent with the terms of the Company's credit facilities,
which define the amount of stock that can be repurchased. The
repurchase program does not require the Company to acquire a
specific number of shares and it will remain in effect until
completed or until terminated by the Board of Directors.
Forward-Looking Statements
This press release contains forward-looking statements as
defined under the Private Securities Litigation Reform Act of 1995.
These statements include the Company's intention to purchase shares
of its common stock pursuant to a stock repurchase program, the
anticipated timing, amount and impact of the stock repurchase
program on the Company's financial statements and other statements
regarding the Company's "expectations," "beliefs," "hopes,"
"intentions," "strategies," or the like. These statements are based
upon current information and expectations and involve unknown
risks, uncertainties, assumptions and other factors, many of which
are out of the Company's control and difficult to forecast, which
could cause actual results to differ materially from the
forward-looking statements. For additional information concerning
these and other risks and uncertainties that could affect these
statements and the Company's business, see the Company's Annual
Report on Form 10-K for the year ended December 31, 2020, as well as other risks and
uncertainties detailed from time to time in the Company's reports
on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities
and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. The Company undertakes no obligation to
republish revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
About Callaway Golf Company
Callaway Golf
Company (NYSE: ELY) is an unrivaled tech-enabled golf company
delivering leading golf equipment, apparel and entertainment, with
a portfolio of global brands including Callaway Golf, Topgolf,
Odyssey, OGIO, TravisMathew and Jack Wolfskin. Through an
unwavering commitment to innovation, Callaway manufactures and
sells premium golf clubs, golf balls, golf and lifestyle bags, golf
and lifestyle apparel and other accessories, and provides
world-class golf entertainment experiences through Topgolf, its
wholly-owned subsidiary. For more information please visit
www.callawaygolf.com, www.topgolf.com,
www.odysseygolf.com, www.OGIO.com,
www.travismathew.com, and
www.jack-wolfskin.com.
Contacts:
|
Brian
Lynch
|
|
Lauren
Scott
|
|
(760)
931-1771
|
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SOURCE Callaway Golf Company