Business
Smith & Wesson Board of Directors Authorizes $50 Million Stock Repurchase Program
Springfield, Massachusetts--(Newsfile Corp. - September 20, 2023) - Smith & Wesson Brands, Inc. (NASDAQ: SWBI), a U.S.-based leader in firearm manufacturing
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"Springfield, Massachusetts--(Newsfile Corp. - September 20, 2023) - Smith & Wesson Brands, Inc. (NASDAQ: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced that its Board of Directors has authorized the repurchase of up to $50 million of the company's common stock through September 19, 2024. The amount and timing of any repurchases will depend on a number of factors, including price, trading volume, general market conditions, legal requirements, and other factors. The repurchases may be made on the open market, in block trades, or in privately negotiated transactions. Any shares of common stock repurchased under the program will be considered issued but not outstanding shares of the company's common stock.\nMark Smith, Chief Executive Officer, stated, \"With the bulk of our investment in the move of our headquarters and significant elements of our operations to Tennessee soon coming to an end, we intend to rebalance our capital allocation strategy towards returning excess capital to our stockholders. This stock repurchase program is a key element of that strategy.\"\nAbout Smith & Wesson Brands, Inc.\nSmith & Wesson Brands, Inc. (NASDAQ: SWBI) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality handgun, long gun, and suppressor products to the global consumer and professional markets under the iconic Smith & Wesson® and Gemtech® brands. The company also provides manufacturing services including forging, machining, and precision plastic injection molding services. For more information call (844) 363-5386 or visit smith-wesson.com.\nSafe Harbor Statement\nCertain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include (i) our belief that the amount and timing of any repurchases will depend on a number of factors, including price, trading volume, general market conditions, legal requirements, and other factors; (ii) our expectations regarding the manner of the repurchases, if any; and (iii) our intention to rebalance our capital allocation strategy towards returning excess capital to our stockholders. We caution that these statements are qualified by import...