ALLENTOWN, Pa.--(BUSINESS WIRE)--Shift4 Payments, Inc. (NYSE: FOUR) (the “Company”) today announced that its Board of Directors has authorized the commencement of a stock repurchase program. The stock repurchase program authorizes the Company to repurchase up to $100 million of the Company’s Class A common stock, par value $0.0001 (“Common Stock”) and will expire on December 31, 2022, subject to market conditions, contractual restrictions and other factors.
Jared Isaacman, Chairman and CEO of Shift4 Payments, Inc., said, “This buyback authorization reinforces the board and management’s confidence in the strength of the Company. We believe the current market value of our shares does not accurately reflect the value of the Company. This program represents a responsible way to deploy capital consistent with our disciplined approach. We are committed to creating value for our shareholders by continuing to prioritize capital allocation initiatives that support our growth strategies and maintain flexibility to pursue organic and inorganic market expansion. We believe that this repurchase program will not hinder those efforts based upon the significant amount of cash on our balance sheet and the anticipated free cash flow for the year ahead.”
Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases depending on market conditions and corporate needs. Open market repurchases will be structured to occur within the pricing and volume requirements of Rule 10b-18. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization.
This program does not obligate the Company to acquire any particular amount of Common Stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion.
Forward Looking Statement:
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s stock repurchase program and the Company’s business strategy and plans and objectives of management for future operations. Actual results may differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to: the fact that Common Stock repurchases may not be conducted in the timeframe or in the manner the Company expects, or at all, and the other risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as updated by the Company’s other filings with the Securities and Exchange Commission, copies of which are available free of charge on the Company’s website at investors.shift4.com. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Shift4 (NYSE: FOUR) is boldly redefining commerce by simplifying complex payments ecosystems across the world. As the leader in commerce-enabling technology, Shift4 powers billions of transactions annually for hundreds of thousands of businesses in virtually every industry. For more information, visit www.shift4.com.