The Meet Group Announces New $30 Million Share Repurchase Authorization
June 14 2019 - 12:36PM
Business Wire
The Meet Group, Inc. (NASDAQ: MEET), a leading provider of
interactive livestreaming solutions, today announced that its Board
of Directors has approved a share repurchase program that enables
the Company to purchase up to $30 million of its shares of common
stock from time to time in the open market or through negotiated
transactions through 2021. The Company expects to fund purchases
with cash from operations.
"The new stock repurchase program underscores our belief in the
livestreaming video opportunity and our positive long-term outlook
for our business,” said Geoff Cook, Chief Executive Officer of The
Meet Group. "We expect to continue to generate meaningful cash
flow, enabling us to buy back shares as we execute on our
commitment to drive value for our shareholders.”
Repurchases under the Company’s program will be made in the open
market or through privately negotiated transactions intended to
comply with the Securities and Exchange Commission Rule 10b-18,
subject to market conditions, applicable legal requirements, and
other relevant factors. The share repurchase program does not
obligate the Company to acquire any particular amount of common
stock, and it may be suspended at any time at the Company’s
discretion. The Meet Group had approximately 75.6 million shares of
common stock outstanding as of May 31, 2019.
About The Meet Group
The Meet Group (NASDAQ: MEET) is a leading provider of
interactive livestreaming solutions designed to meet the universal
need for human connection. Our ecosystem of livestreaming apps
enables users around the world to interact through one-to-many
livestreaming broadcasts and text-based conversations. Our top
apps, MeetMe®, LOVOO®, Skout®, Tagged® and Growlr®, deliver live
interactions and meaningful connections to millions of users daily.
Headquartered in New Hope, PA, we have offices in Philadelphia, San
Francisco, Dresden, and Berlin. For more information,
visit themeetgroup.com, and follow us
on Facebook, Twitter or LinkedIn.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the anticipated
amount and timing of share repurchases, whether any such
repurchases will occur, whether shares will be repurchased in the
open market or through negotiated transactions, whether we will
continue to generate meaningful cash flow to enable us to buy back
shares, our belief in the livestreaming video opportunity, our
positive long-term outlook for our business, and whether
repurchases will comply with Securities and Exchange Commission
Rule 10b-18. All statements other than statements of historical
facts contained herein are forward-looking statements. The words
“believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,”
“should,” “plan,” “could,” “target,” “potential,” “project,”
“outlook,” “is likely,” “expect” and similar expressions, as they
relate to us, are intended to identify forward-looking statements.
We have based these forward-looking statements largely on our
current expectations and projections about future events and
financial trends that we believe may affect our financial
condition, results of operations, business strategy and financial
needs. Important factors that could cause actual results to differ
from those in the forward-looking statements include the risk that
our applications will not function easily or otherwise as
anticipated, the risk that we will not launch additional features
and upgrades as anticipated, the risk that unanticipated events
affect the functionality of our applications with popular mobile
operating systems, any changes in such operating systems that
degrade our mobile applications’ functionality and other unexpected
issues which could adversely affect usage on mobile devices.
Further information on our risk factors is contained in our filings
with the Securities and Exchange Commission (“SEC”), including the
Form 10-K for the year ended December 31, 2018 filed with the
SEC on March 8, 2019. Any forward-looking statement made by us
herein speaks only as of the date on which it is made. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190614005417/en/
Investor Contact:Leslie Arenalarena@themeetgroup.com267 714
6418
Media Contact:Brandyn Bissingerbbissinger@themeetgroup.com267
446 7010
Meet (NASDAQ:MEET)
Historical Stock Chart
From Mar 2024 to Apr 2024
Meet (NASDAQ:MEET)
Historical Stock Chart
From Apr 2023 to Apr 2024