Business
Anterix Announces Establishment of a Share Repurchase Program
WOODLAND PARK, N.J., Sept. 30, 2021 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today announced that its Board of Directors has authorized a share repurchase
About this update from Anterix Inc.
[{"type":"text","content":"WOODLAND PARK, N.J., Sept. 30, 2021 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $50 million of its outstanding shares of common stock over a two-year period.\n\n \n \n \n \n \n \n\n \n\"Instituting this share repurchase program reflects the momentum of Anterix's business and cash flow, as well as our confidence in Anterix's continued performance. As we've previously stated, we believe a share repurchase program represents an attractive and tax-efficient opportunity to return value to shareholders and is consistent with Anterix's history of being a disciplined steward of capital to create long-term value for its investors,\" said Rob Schwartz, Anterix President & CEO.\nThe Company's decision and timing to repurchase its shares will depend on a variety of factors, including the ongoing assessment of the Company's capital position and needs, the market price of the Company's common stock, general market conditions and other strategic considerations, as determined by management. The repurchase program may be suspended or discontinued at any time.\nShare repurchases may be made opportunistically in the open market from time to time in amounts, at prices, and at such times as the company deems appropriate, in privately negotiated transactions, or otherwise depending on the factors referenced above. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Share repurchases will be funded using the Company's cash and cash equivalents on hand and cash generated from operations. As of June 30, 2021, the company had cash and cash equivalents of approximately $106 million dollars. The Company had 18,116,430 shares of common stock outstanding as of July 31, 2021.\nAbout AnterixAt Anterix, we are focused on delivering transformative broadband that enables the modernization of critical infrastructure for the energy, transportation, logistics and other sectors of our economy. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska, and Puerto Rico, we are uniquely positioned to enable the private LTE broa...