CHARLESTON, S.C., Oct. 2, 2023
/PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the leading provider of
software for powering social impact ("Blackbaud" or the "Company"),
today announced that its Board of Directors (the "Board") has
unanimously approved an amendment to the company's existing
stockholder rights plan (the "Rights Plan"), pursuant to which the
expiration date has been extended from October 2, 2023 to October
2, 2024. All other terms and conditions of the Rights Plan
previously adopted in October 2022
remain unchanged.
The Company expects to submit the amendment to the Rights Plan
to the Company's stockholders for ratification at the Company's
upcoming 2024 annual meeting of stockholders.
The Board is committed to acting in the best interests of all of
the Company's stockholders. In October
2022, the Board adopted the Rights Plan in an effort to
enable all stockholders the ability to realize the full value of
their investment in Blackbaud. In approving the extension, the
Board evaluated the continued risk for an entity, person or group
to gain control of Blackbaud through open-market accumulation
without paying all stockholders an appropriate control premium. The
Board approved the one-year extension of the Rights Plan to protect
the interests of all Company stockholders.
Additional information regarding the amendment to the Rights
Plan will be contained in a Current Report on Form 8-K to be filed
by Blackbaud with the U.S. Securities and Exchange Commission (the
"SEC").
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the
leading software provider exclusively dedicated to powering social
impact. Serving the nonprofit and education sectors, companies
committed to social responsibility and individual change makers,
Blackbaud's essential software is built to accelerate impact in
fundraising, nonprofit financial management, digital giving,
grantmaking, corporate social responsibility and education
management. With millions of users and over $100 billion raised, granted or managed through
Blackbaud platforms every year, Blackbaud's solutions are
unleashing the potential of the people and organizations who change
the world. Blackbaud has been named to Newsweek's list of America's
Most Responsible Companies, Quartz's list of Best Companies for
Remote Workers, and Forbes' list of America's Best Employers. A
remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa
Rica and the United
Kingdom, supporting users in 100+ countries. Learn more
at www.blackbaud.com or follow us on X/Twitter, LinkedIn,
Instagram and Facebook.
Media Inquiries
media@blackbaud.com
Forward-looking Statements
Except for historical
information, all of the statements, expectations and assumptions
contained in this news release are forward-looking statements that
involve a number of risks and uncertainties, including statements
regarding expected benefits of products and product features.
Although Blackbaud attempts to be accurate in making these
forward-looking statements, it is possible that future
circumstances might differ from the assumptions on which such
statements are based. In addition, other important factors that
could cause results to differ materially include the following:
general economic risks; uncertainty regarding increased business
and renewals from existing customers; continued success in sales
growth; management of integration of acquired companies and other
risks associated with acquisitions; risks associated with
successful implementation of multiple integrated software products;
the ability to attract and retain key personnel; risks associated
with management of growth; lengthy sales and implementation cycles,
particularly in larger organization; technological changes that
make our products and services less competitive; and the other risk
factors set forth from time to time in the SEC filings for
Blackbaud, copies of which are available free of charge at the
SEC's website at www.sec.gov or upon request from Blackbaud's
investor relations department. All Blackbaud product names
appearing herein are trademarks or registered trademarks of
Blackbaud, Inc.
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SOURCE Blackbaud