Eventbrite Announces $100M Share Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Eventbrite, Inc. (NYSE:EB) has announced a share repurchase program authorizing the buyback of up to $100 million of its outstanding Class A common stock. The repurchases may occur through various methods, including open market purchases and privately negotiated transactions, without a fixed timeline. The program's execution will depend on market conditions, capital management, and other business considerations. Eventbrite plans to fund the buybacks from its existing cash, cash equivalents, and future cash flows, with around $391.1 million in liquidity as of December 31, 2023. As of February 29, 2024, Eventbrite had approximately 86.2 million shares of Class A and 15.7 million shares of Class B common stock outstanding.
March 14, 2024 | 1:16 pm
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Eventbrite announces a $100 million share repurchase program for its Class A common stock, planning to fund it from existing liquidity and future cash flows.
Share repurchase programs often signal a company's confidence in its financial health and future prospects, potentially leading to a positive short-term impact on the stock price. Eventbrite's decision to allocate up to $100 million for buying back shares, supported by its substantial liquidity, could be perceived positively by investors, potentially increasing demand for EB shares in the short term. However, the actual impact will depend on market conditions and the execution of the buyback program.
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