Sharecare announced the successful completion of its strategic review process and unveiled a $50 million stock repurchase program
May 31, 2023
Sharecare, the digital health company known for its all-in-one health management platform, announced the successful completion of its strategic review process initiated in August 2022. The company's Board of Directors unanimously concluded that the best way to maximize value for shareholders is to continue executing its strategic plan. Sharecare also unveiled a $50 million stock repurchase program, demonstrating confidence in its long-term strategy and recognizing the undervalued nature of its shares.
Sharecare's Board of Directors has re-authorized a $50 million stock repurchase program, reflecting their belief in the undervalued nature of the company's shares. The program allows Sharecare to opportunistically buy back its stock through various means, including open market transactions, privately negotiated deals, and the use of trading plans. The timing and total amount of repurchases will depend on various factors, including market conditions, corporate requirements, and prevailing stock prices. The program has a term of 12 months and may be extended, modified, suspended, or discontinued at the Board's discretion.
Justin Ferrero, president and CFO of Sharecare, expressed confidence in the company's business model, cash position, and debt-free capital structure, enabling Sharecare to pursue stock buybacks while retaining sufficient cash reserves for operational needs and continued innovation. Ferrero highlighted the executive team's belief in Sharecare's future by participating in a program that allows eligible employees to receive restricted stock units in exchange for forgoing a portion of their cash salary.
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