MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--MobileIron (NASDAQ:MOBL), the secure foundation for modern work, today announced that its Board of Directors has authorized the repurchase of up to an aggregate of $25 million of its common stock through October 2020, unless extended or shortened by the Board of Directors.
“We continue to improve the performance of the business and that is showing in our financial results. We have strengthened our cash and equivalents balance by more than $20 million in the last year and expect to continue to generate cash going forward,” said Simon Biddiscombe, CEO, MobileIron. “With strong growth prospects and a solid balance sheet, this stock repurchase program reflects our confidence in MobileIron’s long-term growth strategy and allows us to provide increased value to shareholders.”
Any repurchases would be made in the open market, in privately negotiated transactions, and may be made from time to time or in one or more larger repurchases. The program will be conducted in compliance with the Securities and Exchange Commission's Rule 10b-18 and applicable legal requirements. The amount and timing of any repurchases made under the repurchase program will depend on a variety of factors, including available liquidity, cash flow and market conditions.
The Company expects to fund the program using the Company's cash on hand and cash generated from operations. The program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time at the Company's discretion.
MobileIron provides the secure foundation for modern work. For more information, please visit www.mobileiron.com.
This press release includes "forward-looking statements" including, but not limited to, statements relating to the timing and extent of any stock repurchases. These forward-looking statements reflect MobileIron’s current views and information currently available. This information is, where applicable, based on assumptions that MobileIron believes, as of the date hereof, provide a reasonable basis for the information contained herein. Forward-looking statements can generally be identified by the use of forward-looking words such as "may," "will", "would", "could", "expect", "estimate" or other similar words, and include statements regarding MobileIron’s plans, strategies, objectives and targets.
These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of MobileIron. These risks, uncertainties, assumptions and other important factors include, but are not limited to: quarterly fluctuations in MobileIron’s operating results, seasonality, MobileIron’s need to develop new solutions and enhancements to compete in rapidly evolving markets, product defects, strength of intellectual property portfolio, customer adoption, competitive pressures, billings type mix shift, MobileIron’s ability to scale, MobileIron’s ability to recruit and retain key personnel, and the quality of MobileIron’s support services. and uncertainties indicated from time to time in the reports MobileIron files with the Securities and Exchange Commission including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those vary from forward-looking statements are based. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as such statements are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond MobileIron’s control. All information herein speaks only as of. Except as required under applicable law, MobileIron undertakes no duty to update or revise the information contained herein.