Turtle Beach Modifies Previously Communicated Near-Term Return Of Capital Plan; Increases Share Repurchase Authorization To $55M, Including The $8.4M Already Acquired Under Program
Portfolio Pulse from Benzinga Newsdesk
Turtle Beach has updated its capital return plan, canceling the previously planned Dutch auction tender offer for up to $30 million of its shares. Instead, it has increased its share repurchase authorization to $55 million, including the $8.4 million already spent on buybacks. The remaining balance for share repurchases is now $46.6 million.
April 09, 2024 | 8:22 pm
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Turtle Beach increases its share repurchase authorization to $55 million, canceling the Dutch auction tender offer and expanding direct buybacks.
Increasing the share repurchase authorization directly impacts Turtle Beach by potentially reducing the number of shares outstanding, which can lead to an increase in earnings per share and potentially boost the stock price in the short term. Canceling the Dutch auction and opting for direct buybacks gives the company flexibility in timing and price, which can be seen as a positive move by investors.
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