Business
International Money Express, Inc. Announces $40 Million Share Repurchase Program
MIAMI, Aug. 18, 2021 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money remittance services
About this update from International Money Express, Inc.
[{"type":"text","content":"MIAMI, Aug. 18, 2021 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money remittance services company, today announced that its Board of Directors has authorized the Company to repurchase up to $40 million of the Company’s common stock. \"Based on our continued strong performance and the confidence we have in the future of our omnichannel strategy, the Board of Directors and management team believes that repurchasing the Company’s common stock is an attractive investment opportunity and prudent use of our capital at this time,\" commented Bob Lisy, Chairman of the Board, CEO, and President. \"Our strong liquidity position will enable us to return value to shareholders through the stock repurchases while continuing to explore acquisitions, grow our core, and develop new products and services,” Lisy added. The authorization does not obligate the Company to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. Stock repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including market conditions, cash flow, and liquidity needs, regulatory and legal requirements, and other factors. The stock repurchases may be made in both open market and privately negotiated transactions and may include the use of derivative contracts, structured share repurchase agreements, and Rule 10b5-1 and Rule 10b-18 trading plans. Repurchases are expected to be funded from cash on hand. The Company had approximately 38.4 million shares of common stock outstanding as of June 30, 2021. Safe Harbor Compliance Statement for Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views concerning certain events that could affect our future performance, including but without limitation, statements regarding the benefits of stock repurchases, plans regarding our stock repurchase program, including the timing, nature, and source of funding of any repurchases, and our plans, objectives, financial performance, business strateg...