Business
Marqeta Announces $100 Million Share Repurchase Program
OAKLAND, Calif.--(BUSINESS WIRE)-- Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced that its Board of Directors has unanimously
About this update from Marqeta, Inc.
[{"type":"text","content":" OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform, today announced that its Board of Directors has unanimously authorized a share repurchase program of up to $100 million of Marqeta’s Class A common stock.\n\n“The share repurchase program demonstrates the confidence our Board and management team have in the strength of our business and future growth prospects,” said Jason Gardner, Founder and CEO of Marqeta. “We see a specific moment-in-time opportunity for us to execute a share buy-back program as we do not believe our current valuation reflects our performance or our long-term market opportunity. Our strong balance sheet with $1.7 billion in liquidity enables us to execute this program while continuing to invest in both organic and inorganic opportunities to grow the business.”\n\nThe Company has provided additional information about the share repurchase in the Form 8-K filed on September 15, 2022 with the Securities and Exchange Commission.\n\nAbout Marqeta\n\nMarqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 39 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.\n\nForward-Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of the \"safe harbor\" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to current valuations; changing consumer preferences; consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; Marqeta’s products an...