NEW HOPE, Pa.--(BUSINESS WIRE)--The Meet Group, Inc. (NASDAQ: MEET), a leading provider of interactive livestreaming solutions, today announced that its Board of Directors has approved a share repurchase program that enables the Company to purchase up to $30 million of its shares of common stock from time to time in the open market or through negotiated transactions through 2021. The Company expects to fund purchases with cash from operations.
"The new stock repurchase program underscores our belief in the livestreaming video opportunity and our positive long-term outlook for our business,” said Geoff Cook, Chief Executive Officer of The Meet Group. "We expect to continue to generate meaningful cash flow, enabling us to buy back shares as we execute on our commitment to drive value for our shareholders.”
Repurchases under the Company’s program will be made in the open market or through privately negotiated transactions intended to comply with the Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. The share repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended at any time at the Company’s discretion. The Meet Group had approximately 75.6 million shares of common stock outstanding as of May 31, 2019.
About The Meet Group
The Meet Group (NASDAQ: MEET) is a leading provider of interactive livestreaming solutions designed to meet the universal need for human connection. Our ecosystem of livestreaming apps enables users around the world to interact through one-to-many livestreaming broadcasts and text-based conversations. Our top apps, MeetMe®, LOVOO®, Skout®, Tagged® and Growlr®, deliver live interactions and meaningful connections to millions of users daily. Headquartered in New Hope, PA, we have offices in Philadelphia, San Francisco, Dresden, and Berlin. For more information, visit themeetgroup.com, and follow us on Facebook, Twitter or LinkedIn.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated amount and timing of share repurchases, whether any such repurchases will occur, whether shares will be repurchased in the open market or through negotiated transactions, whether we will continue to generate meaningful cash flow to enable us to buy back shares, our belief in the livestreaming video opportunity, our positive long-term outlook for our business, and whether repurchases will comply with Securities and Exchange Commission Rule 10b-18. All statements other than statements of historical facts contained herein are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “project,” “outlook,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications’ functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.