Business
Open Lending Board of Directors Authorizes $75 Million Share Repurchase Program
AUSTIN, Texas, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Open Lending Corporation (NASDAQ: LPRO) (“Open Lending”), a leading provider of lending enablement and risk
About this update from Open Lending Corporation
[{"type":"text","content":"AUSTIN, Texas, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Open Lending Corporation (NASDAQ: LPRO) (“Open Lending”), a leading provider of lending enablement and risk analytics solutions for financial institutions, today announced that its board of directors has authorized a repurchase program of up to $75 million of the Company’s outstanding common stock, through November 17, 2023 (the “Repurchase Program”). “The Board’s decision to approve this share repurchase program reflects the confidence in our business model, free cash flow profile, strength of our balance sheet, and the attractive levels to acquire our common stock,” said Keith Jezek, CEO of Open Lending. “We will continue to invest in our go-to-market sales strategy and research and development technology to expedite capturing more of the large and growing total addressable market ahead of us and to continually explore strategic and opportunistic ways to grow our business. We believe that this share repurchase program is an efficient use of capital and demonstrates our commitment to deploying capital to drive long-term value for our shareholders, employees and business partners.” Repurchases may be made at management’s discretion from time to time on the open market. The Repurchase Program may be suspended for periods, amended, or discontinued at any time. About Open LendingOpen Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios by saying “yes” to more automotive loans. For more information, please visit www.openlending.com. Forward-Looking StatementsThis press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to market trends, the impact of the global COVID-19 pandemic on factors impacting the Company’s business, the Company’s new lender pipeline, consumer behavior and demand for automotive loans, as well as future financial performance. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “e...