urban-gro, Inc.’s UGRO board of directors has approved a new stock repurchase program authorizing the repurchase of up to $2 million of its common stock. The new repurchase program succeeds its prior $8.5 million stock repurchase program that has since been completed.
Bradley Nattrass, chairman and CEO, stated: “This new share repurchase program provides us with another lever through which we are able to return value to our shareholders. Our balance sheet is in a strong position with approximately $2.00 per share in net cash as of June 30, 2022, which is providing us the flexibility to put a new authorization in place and continue pursuing our diversified growth initiatives. When considering the long-term strategic investments we are making across Europe, our sector diversification, and the strength of our design-build platform, we believe that recent market prices present an attractive opportunity to buy our common shares at a significant discount to their intrinsic value.”
Under the new authorization, the company may purchase shares of the company’s common stock from time to time in the open market at prevailing market prices, in privately negotiated transactions or other means in compliance with applicable federal securities laws. The timing and amount of stock repurchases under the program, if any, will be at the discretion of management, and will depend on a variety of factors, including price, available cash, general business and market conditions and other investment opportunities. Information regarding share repurchases will be available in the company’s periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission or as otherwise required by applicable federal securities laws. The company had approximately 10.6 million shares outstanding as of August 15, 2022.
Photo by Mackenzie Marco on Unsplash
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