Business
Rimini Street Announces a Common Stock Repurchase Plan of Up to $15 Million
Company continues to generate strong operating cash flow with a record cash balance of $119.6 million as of December 31, 2021, and plans to invest in growth
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nCompany continues to generate strong operating cash flow with a record cash balance of $119.6 million as of December 31, 2021, and plans to invest in growth while offering a capital return to shareholders\n\n LAS VEGAS--(BUSINESS WIRE)--\nRimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that its Board of Directors has authorized the repurchase of up to $15 million of common stock over the next two years.\n\nThe common stock repurchases may be effected through open market purchases, including through the use of Rule 10b5-1 trading plans, or privately negotiated transactions. The timing and amount of common stock repurchases made pursuant to the repurchase program are subject to various factors, including, but not limited to, the company's common stock trading price, regulatory requirements, credit agreement covenants, general market conditions and alternative uses of capital. The Company is not, however, required to acquire any particular amount of common stock at a specific time or price, and repurchases can be discontinued at any time without notice.\n\n“During 2021, we completed significant capital market transactions that materially reduced outstanding debt, our cost of capital and potential equity dilution and generated significant cash – ending 2021 with a record $119.6 million of cash. Taking these and additional factors into consideration, the Company’s Board of Directors decided it is the appropriate time to initiate a stock repurchase plan to further increase shareholder value,” stated Seth A. Ravin, CEO and chairman of the board.\n\n“With a strong cash position and consistent operating cash flow generation model, we believe the Company is able to both continue funding growth while implementing this capital return plan for our shareholders,” stated Michael L. Perica, Rimini Street chief financial officer. “We plan to continue our methodical focus on improving execution to drive increasing free cash flow generation and improved profitability to increase shareholder value.”\n\nAbout Rimini Street, Inc.\n\nRimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of enterprise software products and services, the leading third-par...