XpresSpa Group, Inc. Announces 10 Million Share Increase in Stock Repurchase Program
May 20 2022 - 9:00AM
XpresSpa Group, Inc. (Nasdaq: XSPA), a travel health and wellness
company, today announced that its Board of Directors has authorized
a 10 million share increase to its existing stock repurchase
program and to extend it through September 15, 2023.
The original stock repurchase program, announced
in August 2021, was for 15 million shares, and there were
approximately 3.2 million shares remaining under that original
authorization as of the date of such increase, bringing the current
authorization to approximately 13.2 million shares. Since
initiating the stock repurchase plan on August 31, 2021, the
Company has repurchased approximately 11.8 million shares through
March 31, 2022 for total consideration of approximately $18.9
million.
Bruce Bernstein, Chairman of the Board of
XpresSpa Group, Inc., stated, “Our balance sheet strength positions
us well to execute on the expanded stock repurchase program while
we invest in the continued growth of the Company. The expansion of
this authorization also further validates our belief that our stock
is substantially undervalued.”
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
occurs first.
The share repurchase authorization will be used
at management’s discretion and will expire on September 15, 2023,
unless further extended by the Board of Directors. The repurchase
program may also be suspended, modified, or discontinued at any
time.
About XpresSpa Group, Inc.
XpresSpa Group, Inc. (Nasdaq: XSPA) is a leading
global health and wellness holding company operating three brands:
XpresCheck®, XpresSpa®, Treat™.
- XpresCheck is a leading on-site
airport provider of Covid-19 screening and diagnostic testing with
15 locations in 12 domestic airports. XpresCheck is also partnered
with the CDC and Concentric by Ginkgo, conducting biosurveillance
monitoring at four major domestic airports to identify existing and
new SARS-CoV-2 variants.
- XpresSpa is a leading airport
retailer of wellness services and related products, with 23
locations in 13 airports globally.
- Treat is a travel health and
wellness brand that is providing on-demand access to healthcare
through technology and personalized services, including two
domestic airport locations.
- To further build on XpresSpa
Group’s expertise in the health and wellness space, the Company
acquired HyperPointe in January 2022, a leading digital healthcare
and data analytics relationship marketing agency serving the global
healthcare industry.
To learn more about XpresCheck, visit:
www.XpresCheck.comTo learn more about XpresSpa, visit
www.XpresSpa.comTo learn more about Treat, visit: www.Treat.comTo
learn more about HyperPointe, visit: www.Hyperpointe.comTwitter:
@xprescheck and Instagram: @realxprescheckTwitter: @XpresSpa and
Instagram: @XpresSpaTwitter: @Treat_Care and Instagram:
@treat_care
Forward-Looking Statements
This 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 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.
Investor RelationsICRRaphael
Grossir@xpresspagroup.com(203) 682-8253
MediaJulie
FergusonJulie@jfprmedia.com(312) 385-0098
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From Aug 2024 to Sep 2024
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From Sep 2023 to Sep 2024