VERRA MOBILITY ANNOUNCES $125 MILLION SHARE REPURCHASE PROGRAM

About this update from Verra Mobility Corporation

[{"type":"text","content":"MESA, Ariz., May 10, 2022 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced on Monday, May 9, 2022, that its Board of Directors approved a share repurchase program which authorizes the Company to repurchase up to $125 million of its Class A common stock over the next twelve months.\n\n \n \n \n \n \n \n\n \n\"The new stock repurchase program emphasizes the confidence that management and the board of directors have in Verra Mobility's strong fundamentals and free cash flow generation of our business,\" stated David Roberts, the chief executive officer of Verra Mobility. \"Our strong free cash flow generation provides us with the financial flexibility to invest simultaneously across all aspects of our capital deployment plan, including continuous innovation for organic growth, strategic M&A and providing returns to shareholders via share repurchase programs such as this. At current valuations, we believe the repurchase of our shares represents an attractive investment opportunity to redeploy excess capital and enhance long-term shareholder value creation.\"\nUnder the stock repurchase program, the Company may repurchase up to $125 million of its Class A common stock over the next twelve months from time to time in open market transactions, accelerated share repurchases or in privately negotiated transactions, each as permitted under applicable rules and regulations. Repurchases may be conducted and may be suspended or terminated at any time without notice. The extent to which the Company repurchases shares of its Class A common stock and the timing of such purchases will depend upon market conditions, the Company's capital position, and other considerations as may be considered by the Company in its sole discretion. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The repurchase program will be executed consistent with t...

More updates from Verra Mobility Corporation