Tremor Video Announces $15 Million Share Repurchase Program
March 29 2016 - 4:15PM
Business Wire
Tremor Video, Inc. (NYSE:TRMR), the premium video marketplace
that provides buyers and sellers with software for video ad
effectiveness, announced today that its Board of Directors has
approved a share repurchase program, under which the Company is
authorized to purchase up to $15 million of its common stock over
the eighteen month period commencing March 25, 2016.
"Our Board of Directors and executive team believe that Tremor
Video’s growth prospects, long-term strategy and successful
execution of its business are not reflected in the Company’s
current stock price, which represents an attractive investment
opportunity,” said Bill Day, Tremor Video Chief Executive Officer.
“We believe that our strong balance sheet and cash position enable
us to return value to shareholders through share repurchases while
still affording us the ability to pursue disciplined investments in
our future growth."
The repurchase program allows the Company to repurchase its
common stock using open market stock purchases or privately
negotiated transactions in compliance with Rule 10b-18 of the
Securities Exchange Act of 1934, as amended. Due to applicable
securities laws, the Company’s repurchase of shares will not begin
before the release of the Company’s financial statements for the
quarter ending March 31, 2016, which is expected to be in mid-May.
The number of shares repurchased and the timing of repurchases will
depend on a number of factors, including, but not limited to, share
price, trading volume and general market conditions, along with
working capital requirements, general business conditions and other
factors. The share repurchase program may be suspended, modified or
discontinued at any time at the Company’s discretion. The Company
intends to finance the share repurchase program through cash on
hand.
The Company had approximately 52.2 million shares of common
stock outstanding as of December 31, 2015.
About Tremor Video
Tremor Video provides software for video advertising
effectiveness. Our buyer and seller platforms enable
seamless transactions in a premium video marketplace by
offering control and transparency to clients. We
employ patented all-screen technology to make every advertising
moment more relevant for consumers and deliver maximum results for
buyers and sellers.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, assumptions and other factors that
could cause actual results and the timing of certain events to
differ materially from those set forth in or implied by such
forward-looking statements, including the ability of the Company to
consummate the repurchases under the share repurchase program due
to changes in its stock price, the nature of other investment
opportunities presented to the Company from time to time, the
Company's cash flows from operations, general economic conditions,
and other factors identified under the caption "Risk Factors" in
the Company's Annual Report on Form 10-K filed with the Securities
and Exchange Commission for the year ended December 31, 2015.
Forward-looking statements are not guarantees of future performance
or events and investors are cautioned not to place undue reliance
on any forward-looking statement. Furthermore, forward-looking
statements speak only as of the date on which they are made, and,
except as required by law, Tremor Video disclaims any obligation to
update these forward-looking statements to reflect future events or
circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20160329006450/en/
Investor Relations:Tremor Video, Inc.Andrew Posen,
212-792-2315Senior Director Investor
RelationsIR@TremorVideo.com
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