BALTIMORE, Feb. 25, 2022 /PRNewswire/ -- Under Armour, Inc.
(NYSE: UA, UAA) today announced it has entered accelerated share
repurchase agreements ("ASRs") with each of JPMorgan Chase Bank,
National Association, Bank of America, N.A. and Citibank, N.A. (the
"Dealers") to repurchase $300 million
of its Class C common stock. The ASRs were entered into pursuant to
Under Armour's recently announced share repurchase program, under
which approximately $200 million of
share repurchase authorization will remain available upon
completion of the ASRs.
Under the ASRs, Under Armour will pre-pay the $300 million purchase price to the Dealers and
will receive an initial delivery of approximately 16.2 million
shares of Under Armour's Class C common stock, with any remaining
shares expected to be received in May
2022. The final number of shares to be repurchased will be
based on the volume-weighted average price of Under Armour's Class
C common stock during the term of the ASRs, less an agreed
discount and subject to adjustments pursuant to the terms of
the ASRs.
About Under Armour, Inc.
Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor,
marketer and distributor of branded athletic performance apparel,
footwear and accessories. Designed to empower human performance,
Under Armour's innovative products and experiences are engineered
to make athletes better. For further information, please visit
http://about.underarmour.com.
Forward Looking Statements
Some of the statements contained in this press release
constitute forward-looking statements. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts, such as
statements regarding our share repurchase program, our future
financial condition or results of operations, our prospects and
strategies for future growth, the impact of the COVID-19 pandemic
on our business and results of operations and the operations of our
suppliers and logistics providers, our plans to reduce our
operating expenses, anticipated charges and restructuring costs,
projected savings related to our restructuring plans and the timing
thereof, the development and introduction of new products, the
implementation of our marketing and branding strategies, and the
future benefits and opportunities from significant investments. In
many cases, you can identify forward-looking statements by terms
such as "may," "will," "should," "could," "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "outlook,"
"potential" or the negative of these terms or other comparable
terminology. The forward-looking statements contained in this press
release reflect our current views about future events and are
subject to risks, uncertainties, assumptions, and changes in
circumstances that may cause events or our actual activities or
results to differ significantly from those expressed in any
forward-looking statement. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future events, results, actions,
activity levels, performance, or achievements. Readers are
cautioned not to place undue reliance on these forward-looking
statements. A number of important factors could cause actual
results to differ materially from those indicated by these
forward-looking statements, including, but not limited to: our
discretion to conduct, suspend or discontinue our share repurchase
program (including our discretion to conduct purchases, if any, in
a variety of manners including open market or privately negotiated
transactions); the impact of the COVID-19 pandemic on our industry
and our business, financial condition and results of operations,
including recent impacts on the global supply chain; failure of our
suppliers or manufacturers to produce or deliver our products in a
timely or cost-effective manner; labor or other disruptions at
ports or our suppliers or manufacturers; changes in general
economic or market conditions that could affect overall consumer
spending or our industry; increased competition causing us to lose
market share or reduce the prices of our products or to increase
our marketing efforts significantly; fluctuations in the costs of
raw materials and commodities we use in our products and our supply
chain; changes to the financial health of our customers; our
ability to successfully execute our long-term strategies; our
ability to effectively drive operational efficiency in our business
and successfully execute any restructuring plans and realize their
expected benefits; our ability to effectively develop and launch
new, innovative and updated products; our ability to accurately
forecast consumer shopping and engagement preferences and consumer
demand for our products and manage our inventory in response to
changing demands; loss of key customers, suppliers or
manufacturers; our ability to further expand our business globally
and to drive brand awareness and consumer acceptance of our
products in other countries; our ability to manage the increasingly
complex operations of our global business; our ability to
successfully manage or realize expected results from significant
transactions and investments; our ability to effectively market and
maintain a positive brand image; our ability to effectively meet
the expectations of our stakeholders with respect to environmental,
social and governance practices; the availability, integration and
effective operation of information systems and other technology, as
well as any potential interruption of such systems or technology;
any disruptions, delays or deficiencies in the design,
implementation or application of our global operating and financial
reporting information technology system; our ability to attract key
talent and retain the services of our senior management and other
key employees; our ability to access capital and financing required
to manage our business on terms acceptable to us; our ability to
accurately anticipate and respond to seasonal or quarterly
fluctuations in our operating results; risks related to foreign
currency exchange rate fluctuations; our ability to comply with
existing trade and other regulations, and the potential impact of
new trade, tariff and tax regulations on our profitability; risks
related to data security or privacy breaches; and our potential
exposure to litigation and other proceedings. The forward-looking
statements contained in this press release reflect our views and
assumptions only as of the date of this press release. We undertake
no obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events.
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SOURCE Under Armour, Inc.