OneWater Marine Adopts Its First Buyback Program

OneWater Marine Inc ONEW said its Board of Directors approved a share repurchase program of up to $50 million of Class A common shares.
The plan is the company's first authorization for repurchases since its initial public offering in February 2020.
"The Board of Directors' authorization of our inaugural share repurchase program underscores their confidence in the opportunity ahead of OneWater," said CEO Austin Singleton.
The company held $74.8 million in cash and equivalents as of December 31, 2021.
The company does not intend to execute the repurchase program until after the release of Q2 financial information.
Price Action: ONEW shares closed lower by 6.53% at $34.34 on Wednesday.