XpresSpa Group Announces Board Authorization for Stock Repurchase Program
XpresSpa Group, Inc. (Nasdaq: XSPA), a travel health and wellness
company, today announced that its Board of Directors has authorized
a stock repurchase program for up to 15,000,000 shares of its
outstanding common stock.
"Our XpresCheck™ COVID-19 testing business
continues to grow and perform well. In July, increased testing
volumes and improved mix of higher margin rapid tests resulted in
higher overall practice fees than in June. Additionally, these
activities exclude any testing related to our new CDC relationship
or from our El Al Airlines pilot program. We believe launching a
stock buyback program reflects our confidence in the long-term
prospects of the business and the undervalued price of our stock,"
said Bruce Bernstein, Chairman of the Board of XpresSpa Group, Inc.
“Consistent with our business philosophy, we will continue to
evaluate investment opportunities in the business against buying
The shares may be repurchased on the open
market, in privately negotiated transactions, or otherwise in
accordance with applicable federal securities laws. The specific
timing and amount of future repurchases will be determined by
market conditions, cash flow requirements, securities law
limitations, and other factors. Repurchases may continue from time
to time, as conditions permit, until the number of shares
authorized to be repurchased have been acquired, or until the
authorization to repurchase is terminated or expires, whichever
The share repurchase authorization will be used
at management’s discretion and will expire on September 15, 2022,
unless further extended by the Board of Directors. The repurchase
program may also be suspended, modified, or discontinued at any
About XpresSpa Group, Inc.
XpresSpa Group, Inc. (Nasdaq: XSPA) is a leading
global health and wellness holding company operating three distinct
brands: Treat™, XpresCheck™, and XpresSpa™. Treat is a travel
health and wellness brand that will be providing on-demand access
to healthcare through technology and personalized services.
XpresCheck is a leading on-site airport provider of COVID-19
screening and testing with 13 locations in 11 domestic airports.
XpresSpa is a leading airport retailer of spa services and related
health and wellness products, with 43 locations in 21 airports
To learn more about XpresSpa Group, visit:
www.XpresSpaGroup.com.To learn more about Treat, visit:
www.TreatCare.com.To learn more about XpresCheck, visit:
www.XpresCheck.com.To learn more about XpresSpa, visit
Twitter: @Treat_Care and Instagram:
@treat_careTwitter: @xprescheck and Instagram:
@realxprescheckTwitter: @XpresSpa and Instagram: @XpresSpa
press release may contain "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934. These include
statements preceded by, followed by or that otherwise include the
words "believes," "expects," "anticipates," "estimates,"
"projects," "intends," "should," "seeks," "future," "continue," or
the negative of such terms, or other comparable terminology.
Forward-looking statements relating to expectations about future
results or events are based upon information available to XpresSpa
Group as of today's date and are not guarantees of the future
performance of the Company, and actual results may vary materially
from the results and expectations discussed. Additional information
concerning these and other risks is contained in XpresSpa Group’s
most recently filed Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K, and other Securities
and Exchange Commission filings. All subsequent written and oral
forward-looking statements concerning XpresSpa Group, or other
matters and attributable to XpresSpa Group or any person acting on
its behalf are expressly qualified in their entirety by the
cautionary statements above. XpresSpa Group does not undertake any
obligation to publicly update any of these forward-looking
statements to reflect events or circumstances that may arise after
the date hereof.
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