Medifast Adopts $100M Accelerated Share Repurchase Program

by Shivani Kumaresan, Benzinga Staff Writer

June 1, 2022 1:51 PM | 1 min read |

Medifast Inc MED has entered into an accelerated share repurchase agreement (ASR) with JPMorgan Chase, National Association.
Under the agreement, Medifast will repurchase an aggregate of $100 million of its common stock.
The buyback equates to about 600,000 shares at the closing price on May 31, 2022, representing 5% of its outstanding stock.
The company intends to fund the ASR program using available cash on hand and borrowings under its existing credit facility.
Medifast held $122.1 million in cash and equivalents as of March 31, 2022.
Price Action: MED shares are trading higher by 5.16% at $175.36 on the last check Wednesday.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.