Business
Sonos Announces $50 Million Stock Repurchase Program and Completion of Previous Stock Repurchase Program
SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Sonos, Inc. (Nasdaq: SONO) today announced that its Board of Directors has authorized a common stock repurchase
About this update from Sonos, Inc.
[{"type":"text","content":" SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nSonos, Inc. (Nasdaq: SONO) today announced that its Board of Directors has authorized a common stock repurchase program of up to $50 million.\n\nSonos completed its previous $50 million share repurchase program during the fourth quarter of fiscal 2020 pursuant to which it purchased 3.8 million shares.\n\nPatrick Spence, Sonos CEO, commented, “This new authorization underscores the fact we’ve hit an inflection point in our business and demonstrates our commitment to delivering long-term shareholder value. We are confident in the earnings power of our model and our belief in the significant value creation opportunities that lie ahead.\"\n\nUnder the repurchase program, Sonos may purchase shares of common stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans or through the use of other techniques such as accelerated share repurchases. The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The repurchase program has no time limit, does not obligate Sonos to acquire a specified number of shares and may be modified, suspended or discontinued at any time at the company’s discretion.\n\nRepurchases under this program will be funded from the company’s existing cash and cash equivalents or future cash flow.\n\nAbout Sonos\n\nSonos (Nasdaq: SONO) is one of the world’s leading sound experience brands. As the inventor of multi-room wireless home audio, Sonos innovation helps the world listen better by giving people access to the content they love and allowing them to control it however they choose. Known for delivering an unparalleled sound experience, thoughtful home design aesthetic, simplicity of use and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements that involve risks and uncertainties, such as statements regarding our expectations regarding repurchases of our common stock under the stock repurchase program, our long-term financial and growth potential, and the value of...