YORK, May 16, 2022 /PRNewswire/ -- Today, CLEAR
(NYSE: YOU) announced that CLEAR's Board of Directors has
authorized a share repurchase program pursuant to which the Company
may purchase up to $100 million of
its Class A Common Stock.
"As CLEAR owners, we are intensely focused on economic capital
allocation to maximize long-term returns, including opportunistic
share repurchases," said Caryn
Seidman-Becker, CEO of CLEAR.
Under the repurchase program, CLEAR may purchase shares of its
Class A Common Stock on a discretionary basis from time to time
through open market repurchases, privately negotiated transactions,
or other means, including through Rule 10b5-1 trading plans. The
timing and actual number of shares repurchased will be determined
by management depending on a variety of factors, including stock
price, trading volume, market conditions and other general business
considerations. The repurchase program has no expiration date and
may be modified, suspended, or terminated at any time.
Repurchases under this program will be funded from CLEAR's
existing cash and cash equivalents or future cash flow. As of
March 31, 2022, CLEAR had
$663 million in cash and cash
equivalents, restricted cash, and marketable securities.
Founded in 2010, CLEAR's mission is to create frictionless
experiences. With more than 12 million members and hundreds of
partners across the world, CLEAR's identity platform is
transforming the way people live, work, and travel. Whether it's at
the airport, stadium, or right on your phone, CLEAR connects you to
the things that make you, you - making everyday experiences easier,
more secure, and more seamless. Since day one, CLEAR has been
committed to privacy done right. Members are always in control of
their own information, and we never sell member data.
This release may contain statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that any and such forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties,
and that actual results, developments and events may differ
materially from those in the forward-looking statements as a result
of various factors, including those described in the Company's
filings within the Securities and Exchange Commission, including
the sections titled "Risk Factors" in our Annual Report on Form
10-K for the fiscal year ended December 31,
2021. The Company disclaims any obligation to update any
forward-looking statements contained herein.
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