AvidXchange Announces $100M Share Repurchase Program Effective Immediately, With Up To $50M Allowed Annually Under Amended Credit Facility
Portfolio Pulse from Benzinga Newsdesk
AvidXchange has announced a $100 million share repurchase program, effective immediately, with up to $50 million allowed annually under an amended credit facility. The program will run until December 31, 2025, or until funds are exhausted, subject to modification or termination.
August 22, 2024 | 8:06 pm
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POSITIVE IMPACT
AvidXchange has initiated a $100 million share repurchase program, which could positively impact its stock price by reducing the number of shares outstanding and potentially increasing earnings per share.
The share repurchase program indicates AvidXchange's confidence in its financial health and future prospects. By reducing the number of shares outstanding, the company can increase its earnings per share, which is often viewed positively by investors. The program's size and duration suggest a significant commitment to returning value to shareholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100