Newtek Business Services Corp. Announces Stock Repurchase Program
June 21 2022 - 8:30AM
Newtek Business Services Corp. (the “Company” or “Newtek”) (Nasdaq:
NEWT) today announced that its board of directors approved a
repurchase program (the “Program”) under which the Company may
repurchase up to 500,000 shares (the “Shares”) of its common stock,
par value $0.02 (the “Common Shares”), which represents
approximately 2.0% of the outstanding Common Shares of the Company
as of May 2, 2022. The repurchases shall be effected through open
market purchases, including block purchases, in such manner as will
comply with the provisions of the Investment Company Act of 1940,
as amended and the Securities Exchange Act of 1934, as amended (the
“1934 Act”). Unless extended or terminated by the board of
directors, the Company anticipates that the termination date for
the Program will be on December 21, 2022. The Company expects to
finance the repurchases with existing capital and the repurchased
Shares will be designated as authorized but unissued Common Shares.
In addition, the Company will continuously evaluate alternate and
strategic uses of its capital depending on, among other things, the
fair value of Newtek’s Common Shares and the other available
capital deployment opportunities.
Under the Program, purchases may be made at management’s
discretion from time to time in open-market transactions, in
accordance with all applicable securities laws and regulations,
including Rule 10b-18 of the 1934 Act. The extent to which the
Company repurchases its Shares, and the timing of such repurchases,
will depend upon a variety of factors, including market conditions,
regulatory requirements and other corporate considerations, as
determined by Newtek’s management team. The Program may be
suspended or discontinued at any time.
About Newtek Business Services
Corp.
Newtek Business Services Corp., Your Business
Solutions Company®, is an internally managed business development
company (BDC), which along with its controlled portfolio companies,
provides a wide range of business and financial solutions under the
Newtek® brand to the small- and medium-sized business (“SMB”)
market. Since 1999, Newtek has provided state-of-the-art,
cost-efficient business and financial solutions to SMB
relationships across all fifty states to help them grow their
sales, control their expenses and reduce their risk.
Newtek’s and its portfolio companies’ products and services
include: Business Lending, SBA Lending Solutions, Electronic
Payment Processing, Technology Solutions (Cloud Computing, Data
Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts
Receivable Financing & Inventory Financing, Insurance
Solutions, Web Services, and Payroll and Benefits Solutions.
Newtek® and Your Business Solutions Company® are registered
trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking
Statements
This press release contains certain
forward-looking statements. Words such as “believes,” “intends,”
“expects,” “projects,” “anticipates,” “forecasts,” “goal” and
“future” or similar expressions are intended to identify
forward-looking statements. All forward-looking statements involve
a number of risks and uncertainties that could cause actual results
to differ materially from the plans, intentions and expectations
reflected in or suggested by the forward-looking statements. Such
risks and uncertainties include, among others, intensified
competition, operating problems and their impact on revenues and
profit margins, anticipated future business strategies and
financial performance, anticipated future number of customers,
business prospects, legislative developments and similar matters.
Risk factors, cautionary statements and other conditions, which
could cause Newtek’s actual results to differ from management’s
current expectations, are contained in Newtek’s filings with the
Securities and Exchange Commission and available through
http://www.sec.gov/. Newtek cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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