Business
Usio Announces Share Repurchase Plan to Buy up to $4 Million of the Company’s Common Stock
SAN ANTONIO, May 13, 2022 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq:USIO), a leading FinTech integrated payment solutions provider, today announced that its
About this update from Usio, Inc.
[{"type":"text","content":"SAN ANTONIO, May 13, 2022 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq:USIO), a leading FinTech integrated payment solutions provider, today announced that its Board of Directors has authorized the repurchase of up to $4 million of the Company’s common stock from time to time on the open market, block transactions or in privately negotiated transactions. The program can begin as early as May 16, 2022 and will be available until all funds are exhausted or May 15, 2025 unless terminated earlier by the Company. “Usio’s management team and Board of Directors believe our current stock price is not reflective of our rapid growth that has delivered seven consecutive quarters of revenue growth, enhanced our long-term growth potential and does not reflect a reasonable current valuation relative to comparable companies in the Fintech and payments industry,” stated Louis Hoch, President and CEO of Usio. “We intend to utilize our existing cash and our ability to generate adjusted operating cash flow to fund the repurchase program, which we believe is our current best use of cash to create value for our shareholders.” The timing and the amount of any repurchases of common stock will be determined by Usio’s management based on the market price of Usio common stock, evaluation of market and economic conditions and other factors. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. As of March 31, 2022, the Company had unrestricted cash of approximately $7.6 million. The Company had approximately 25.3 million shares of common stock outstanding as of March 31, 2022. About Usio, Inc. Usio, Inc. (Nasdaq:USIO), a leading FinTech integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. With the acquisition of the assets of IMS in December 2020, the Company now offers additional services relating to electronic bill presentment, document composition, document decompositio...