Business
ARKO Corp. Increases its Original Share Repurchase Program From $50 Million to $100 Million as ARKO Continues to Have Strong Fundamentals, Liquidity, and Growth Prospects
RICHMOND, Va., May 16, 2023 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500 company and one of the largest convenience
About this update from Arko Corp.
[{"type":"text","content":"RICHMOND, Va., May 16, 2023 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced that its Board of Directors increased the Company’s previously authorized share repurchase program by an additional $50 million. The Company now has availability to repurchase up to an aggregate amount of approximately $59 million of the Company’s outstanding shares of common stock under this newly expanded repurchase plan. “We believe that repurchasing our shares is a compelling use of our capital resources,” said Arie Kotler, Chairman, President, and Chief Executive Officer of ARKO. “We are encouraged by the traction of our initiatives and progress of our merchandise and fuel strategy to maximize gross profit dollars, and we remain confident in the continued growth of our business. Our last quarter results were strong, as we continued to deliver robust in-store performance as a result of our focus on our key initiatives. We remain deeply committed to maximizing stockholder value creation, and this increase of our repurchase program is aligned with ARKO’s capital allocation framework ensuring that in addition to growth through M&A and organic initiatives, we also return capital to our stockholders through our share repurchase program.” The share repurchase program does not have a stated expiration date, and repurchases, if any, may be effected from time to time through open market purchases, including pursuant to a pre-set trading plan meeting the requirements of Rule 10b5-1(c) of the Exchange Act of 1934, as amended, privately negotiated transactions, pursuant to accelerated share repurchase agreements entered into with one or more counterparties, or otherwise. About ARKO Corp. ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable family of community brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. Our high value fas REWARDS® loyalty program offers exclusive savings on merchandise and gas. We operate in four reportable segments: retail, which inclu...