Smartsheet Announces $150 Million Share Repurchase Program
April 19 2024 - 4:05PM
Business Wire
Smartsheet (NYSE: SMAR), the enterprise work management
platform, today announced that its Board of Directors has
authorized the repurchase of up to $150 million of the company’s
outstanding Class A common stock through open market purchase,
block trades, and/or in privately negotiated transactions or
pursuant to 10b5-1 plans, in compliance with applicable securities
laws and other legal requirements.
The timing, manner, price, and amount of any repurchase will be
subject to the discretion of the company’s management based on its
evaluation of a variety of factors, including the market price of
the company’s Class A common stock, general market conditions,
applicable legal requirements, and other business
considerations.
The program has no minimum purchase commitment and may extend
over a period of approximately twelve months. The repurchase
program does not obligate Smartsheet to acquire any particular
amount of Class A common stock and the repurchase program may be
suspended or discontinued at any time at Smartsheet’s discretion
without prior notice.
Cautions Regarding Forward-Looking Statements
The press release contains forward-looking statements, including
Smartsheet’s intention to implement a program to purchase up to
$150 million of Smartsheet’s Class A common stock; the expected
timing, volume, and nature of such securities repurchase program;
and the duration of the program. There are a number of important
factors that could cause actual events to differ materially from
those suggested or indicated by such forward-looking statements.
These include, among others, the market price of Smartsheet’s Class
A common stock prevailing from time to time, the amount of
Smartsheet’s cash commitments, the nature of other acquisition and
investment opportunities presented to Smartsheet from time to time,
Smartsheet’s cash flows from operations, general economic
conditions, and other factors identified in Smartsheet’s Annual
Report on Form 10-K for the fiscal year ended January 31, 2024, as
filed with the Securities and Exchange Commission on March 20,
2024. Additional information will also be set forth in Smartsheet’s
future quarterly reports on Form 10-Q, annual reports on Form 10-K,
and other filings that we make with the Securities and Exchange
Commission. These forward-looking statements are subject to
material risks and uncertainties that could cause actual results to
differ materially from those in these forward-looking statements.
Smartsheet is under no obligation, and expressly disclaims any
obligation, to update or alter its forward-looking statements
whether as a result of new information, future events, or
otherwise.
About Smartsheet
Smartsheet is the modern enterprise work management platform
trusted by millions of people at companies across the globe,
including approximately 85% of the 2023 Fortune 500 companies. The
category pioneer and market leader, Smartsheet delivers powerful
solutions fueling performance and driving the next wave of
innovation. Visit www.smartsheet.com to learn more.
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Jennifer Henderson pr@smartsheet.com
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