Business
CINEDIGM CORP. ANNOUNCES NEW 10 MILLION SHARE STOCK REPURCHASE PROGRAM
LOS ANGELES, March 1, 2023 /PRNewswire/ -- Cinedigm Corp. (NASDAQ: CIDM) (the "Company") today announced that the Company's Board of Directors has approved a
About this update from Cineverse Corp.
[{"type":"text","content":"LOS ANGELES, March 1, 2023 /PRNewswire/ -- Cinedigm Corp. (NASDAQ: CIDM) (the \"Company\") today announced that the Company's Board of Directors has approved a stock repurchase program to purchase up to an aggregate of 10 million shares of its outstanding Class A common stock. Acquisitions pursuant to this stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company's discretion. The stock repurchase program will expire on March 1, 2024, unless otherwise modified by the Board of Directors.\n\n \n \n \n \n \n \n\n \n\"This stock repurchase program, which is effective immediately, is a testimonial to the unwavering confidence the Board and Management of Cinedigm has in the future of the Company and the considerably undervalued price of our common stock,\" said Chris McGurk, Chairman and CEO of Cinedigm. \"We are on a strategic path that will differentiate us from all others in our industry and produce sustained profitability and growth. We see this stock repurchase program as an exceptional investment opportunity that will further enhance the value of our Company in the years ahead.\"\nThe Company will issue a letter from the Chairman to shareholders that will include an expanded discussion of this program.\n About Cinedigm\nFor over 20 years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains consumers around the globe by providing premium feature film and television series, enthusiast streaming channels and technology services to the world's largest media, retail, and technology companies. As a leader in the streaming industry, Cinedigm continues its legacy as an innovator through its adoption of next-generation technologies, such as artificial intelligence and machine learning, through its proprietary, highly scalable Matchpoint® technology platform. For more information, visit www.cinedigm.com.\nCinedigm uses, and will continue to use, its website, press releases, SEC filings, and various social media channels, including Twitter, LinkedIn, Facebook, StockTwits and the Company website as additional means of disclosing public information to investors, the media and oth...