Business
Alto Ingredients, Inc. Announces $50 Million Share Repurchase Program
SACRAMENTO, Calif., Sept. 12, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"SACRAMENTO, Calif., Sept. 12, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients, today announced that its Board of Directors has authorized a share repurchase program for up to $50 million of shares of its common stock with an initial purchase authorization of $10 million. “Given our positive long-term outlook, we believe our shares are currently undervalued. Based on the strength of our balance sheet, an opportunity exists to create value for our stockholders by repurchasing stock while we continue to upgrade our equipment and operating systems to increase efficiency and plant reliability, expand our corn storage capacity, enhance our specialty alcohol production, broaden our distribution, and reinvest in essential ingredients capabilities,” said Michael Kandris, CEO of Alto Ingredients. 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 are expected to be structured to occur within the pricing and volume requirements of Rule 10b-18. Alto Ingredients may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares of common stock under this authorization. This share repurchase program has no expiration date, does not require the repurchase of any particular amount of shares of common stock and may be implemented, modified, suspended or discontinued in whole or in part at any time without further notice. Amounts in excess of the initial $10 million purchase will require additional board and preferred stockholder authorization. Alto Ingredients anticipates that the repurchase of shares of its common stock under this program could be funded with a combination of existing cash, cash flow, borrowings under existing credit facilities and proceeds from potential incremental borrowing arrangements. About Alto Ingredients, Inc.Alto Ingredients, Inc. (ALTO) is a leading producer and distributor of specialty alcohols and essential ingredients. The company is focused on products for four key markets: Health, Home & Beauty; Food & Beverage; Essential Ingredients; and Renewable Fuels. The company’s customers include major food and bevera...