Arco Announces Share Repurchase Program
January 06 2021 - 5:09PM
Business Wire
Arco Platform Limited, or Arco (Nasdaq: ARCE), today
announced that its Board of Directors has approved a share
repurchase program, or the Repurchase Program, to comply with
management long-term incentive plan obligations. Under the
Repurchase Program, Arco may repurchase up to 500,000 of its
outstanding Class A common shares in the open market, based on
prevailing market prices, or in privately negotiated transactions,
over a period beginning on January 6th, 2021 continuing until the
earlier of the completion of the repurchase or January 6th, 2023,
depending upon market conditions. Arco’s Board of Directors will
review the Repurchase Program periodically and may authorize
adjustments to its terms and size or suspend or discontinue the
Repurchase Program. Arco expects to utilize its existing funds to
fund repurchases made under the Repurchase Program.
The Board of Directors of Arco also authorized management to
appoint J.P. Morgan Securities LLC, or JPMS, as its agent under the
Repurchase Program to purchase Securities on its behalf in the open
market. It is Arco’s intention such purchases benefit from the safe
harbor provided by Rule 10b-18 (“Rule 10b-18”), promulgated by the
Securities and Exchange Commission (the “SEC”) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly,
Arco shall not take, nor permit any person or entity under its
control to take, any action that could jeopardize the availability
of Rule 10b-18 for purchases of Securities under the Repurchase
Program.
The actual timing, number and value of shares repurchased under
the Repurchase Program will depend on several factors, including
constraints specified in the Rule 10b-18, price, general business
and market conditions, and alternative investment opportunities.
The Repurchase Program does not obligate Arco to acquire any
specific number of shares in any period, and may be expanded,
extended, modified or discontinued at any time.
About Arco Platform Limited (Nasdaq: ARCE)
Arco has empowered hundreds of thousands of students to rewrite
their futures through education. Our data-driven learning,
interactive proprietary content, and scalable curriculum allows
students to personalize their learning experience with high-quality
solutions while enabling schools to provide a broader approach to
education.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the U.S. federal securities laws. Statements
contained herein that are not clearly historical in nature are
forward-looking, and the words “anticipate,” “believe,”
“continues,” “expect,” “estimate,” “intend,” “project” and similar
expressions and future or conditional verbs such as “will,”
“would,” “should,” “could,” “might,” “can,” “may,” or similar
expressions are generally intended to identify forward-looking
statements. These forward-looking statements speak only as of the
date hereof and are based on Arco’s current plans, estimates of
future events, expectations and trends that affect or may affect
our business, financial condition, results of operations, cash
flow, liquidity, prospects and the trading price of Arco’s Class A
common shares, and are subject to several known and unknown
uncertainties and risks, many of which are beyond Arco’s control.
Therefore, current plans, anticipated actions and future financial
position and results of operations may differ significantly from
those expressed in any forward-looking statements in this press
release. You are cautioned not to unduly rely on such
forward-looking statements when evaluating the information
presented. Arco does not undertake any obligation to update
publicly or to revise any forward-looking statements after we
distribute this press release because of new information, future
events or other factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20210106005877/en/
Investor Relations Contact: Arco Platform Limited Carina
Carreira IR@arcoeducacao.com.br
Arco Platform (NASDAQ:ARCE)
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