VivoPower declares Capital Management Strategy including Stock Buyback Program of up to US$5 million
April 03 2024 - 9:15AM
VivoPower International PLC (NASDAQ: VVPR, the “Company”,
"VivoPower") today announced that its Board of Directors (the
"Board") has authorized a capital management strategy including a
stock buyback program (the "Stock Buyback Program") pursuant to
which the Company is authorized to purchase up to US$5 million of
the Company’s outstanding common stock. The Stock Buyback Program
has an expiration date of April 3, 2025 and may be suspended,
terminated, amended or modified by the Board at any time without
prior notice at the Board’s discretion.
The Stock Buyback Program is expected to be
funded using the Company’s proceeds from realisation of business
and asset divestitures including spin-offs and carve-outs.
Repurchases under the Stock Buyback Program may be made, from time
to time, in amounts and at prices the Company deems appropriate.
The Stock Buyback Program does not obligate the Company to purchase
any shares of its common stock. Repurchases by the Company under
the Stock Buyback Program will be subject to general market and
economic conditions, applicable legal and regulatory requirements,
shareholder approval, availability of distributable profits and
other considerations, including alternate uses of capital and the
Company’s financial performance. Repurchases may be executed
through the open market or in privately negotiated transactions,
including under Rule 10b5-1 plans.
About VivoPower
VivoPower is an award-winning global sustainable energy
solutions B Corporation company focused on electric solutions for
off-road and on-road customised and ruggedised fleet applications,
battery and microgrids, solar and critical power technology and
services. The Company’s core purpose is to provide its customers
with turnkey decarbonisation solutions that enable them to move
toward net-zero carbon status. VivoPower has operations and
personnel in Australia, Canada, the Netherlands, the United
Kingdom, the United States, the Philippines, and the United Arab
Emirates.
All trademarks referenced herein are the property of their
respective owners.
Forward-Looking Statements
This communication includes certain statements that may
constitute “forward-looking statements” for purposes of the U.S.
federal securities laws. Forward-looking statements include, but
are not limited to, statements that refer to projections, forecasts
or other characterisations of future events or circumstances,
including any underlying assumptions. The words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about the
achievement of performance hurdles, or the benefits of the events
or transactions described in this communication and the expected
returns therefrom. These statements are based on VivoPower’s
management’s current expectations or beliefs and are subject to
risk, uncertainty, and changes in circumstances. Actual results may
vary materially from those expressed or implied by the statements
herein due to changes in economic, business, competitive and/or
regulatory factors, and other risks and uncertainties affecting the
operation of VivoPower’s business. These risks, uncertainties and
contingencies include changes in business conditions, fluctuations
in customer demand, changes in accounting interpretations,
management of rapid growth, intensity of competition from other
providers of products and services, changes in general economic
conditions, geopolitical events and regulatory changes, and other
factors set forth in VivoPower’s filings with the United States
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. VivoPower is under no
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements whether as a result of new
information, future events, changes in assumptions or
otherwise.
Contact
Shareholder Enquiries
shareholders@vivopower.com
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