Riskified Receives Israeli Court Approval for $75M Share Repurchase Program
November 20 2023 - 4:30PM
Business Wire
Riskified Ltd. (NYSE: RSKD), a leader in eCommerce fraud and
risk intelligence, today announced that it has received approval
from the Tel Aviv District Court Economic Department (“Israeli
Court”) to implement its previously announced share repurchase
program (the “Repurchase Program”), pursuant to which the Company
may repurchase up to $75 million of its ordinary shares. The
Israeli Court approval is valid through May 19, 2024. The Company
may file extension requests with the Israeli Court on an ongoing
basis as required.
Eido Gal, Chief Executive Officer, stated: “We are pleased to
announce that the Israeli Court has approved our Repurchase
Program. We expect to leverage this program to take advantage of
attractive repurchasing opportunities and to manage share dilution.
Our strong balance sheet enables us to continue investing in the
growth of the business, while simultaneously driving shareholder
value by executing this Repurchase Program.”
The Repurchase Program, approved by the Company’s Board of
Directors (the “Board”) on August 8, 2023, authorizes the Company
to repurchase ordinary shares, from time to time in the open
market, including through trading plans intended to qualify under
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), in privately negotiated transactions or by
other means in accordance with U.S. federal securities laws. The
Company may repurchase all or a portion of the authorized amount.
The timing, as well as the number and value of any shares
repurchased under the program, will be determined by the Company at
its discretion under the Board authorized program and will depend
on a variety of factors, including management's assessment of the
intrinsic value of the Company's ordinary shares, the market price
of the Company's ordinary shares, general market and economic
conditions, available liquidity, alternative investment
opportunities, and applicable legal requirements. The Repurchase
Program does not obligate the Company to repurchase any specific
number of ordinary shares and may be suspended, modified or
discontinued at any time without prior notice. The share
repurchases will be funded from existing cash and cash
equivalents.
About Riskified
Riskified (NYSE:RSKD) empowers businesses to grow ecommerce
revenues and profit by mitigating risk. An unrivaled network of
merchant brands partner with Riskified for guaranteed protection
against chargebacks, to fight fraud and policy abuse at scale, and
to improve customer retention. Developed and managed by the largest
team of ecommerce risk analysts, data scientists and researchers,
Riskified’s AI-powered fraud and risk intelligence platform
analyzes the individual behind each interaction to provide
real-time decisions and robust identity-based insights. Learn more
at riskified.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward looking statements contained in Section 27A
of the U.S. Securities Act of 1933, as amended (the "Securities
Act") and Section 21E of the Exchange Act. All statements contained
in this press release other than statements of historical fact,
including, without limitation, statements regarding the
implementation and anticipated benefits of the Repurchase Program
are forward looking statements, which reflect our current views
with respect to future events and are not a guarantee of future
performance. The words “believe,” “may,” “will,” “estimate,”
“potential,” “continue,” “anticipate,” “intend,” “expect,” “could,”
“would,” “project,” “forecasts,” “aims,” “plan,” “target,” and
similar expressions are intended to identify forward-looking
statements, though not all forward-looking statements use these
words or expressions. The forward-looking statements contained in
this press release are subject to various risks and uncertainties,
including those discussed under the heading “Risk Factors” in our
annual report on Form 20-F filed with the Securities and Exchange
Commission (“SEC”) on February 24, 2023, and in any subsequent
filings with the SEC. Except as otherwise required by law, the
Company undertakes no obligation to publicly release any revisions
to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231120885060/en/
Investor Relations: Chett Mandel Head of Investor
Relations ir@riskified.com
Corporate Communications: Cristina Dinozo Senior Director
of Communications press@riskified.com
Riskified (NYSE:RSKD)
Historical Stock Chart
From May 2024 to Jun 2024
Riskified (NYSE:RSKD)
Historical Stock Chart
From Jun 2023 to Jun 2024