Business
Wingstop Announces $125 Million Accelerated Share Repurchase Agreement
DALLAS, Aug. 24, 2023 /PRNewswire/ -- Wingstop (NASDAQ: WING) today announced that it has entered into an accelerated share repurchase agreement ("ASR") with
About this update from Wingstop Inc.
[{"type":"text","content":"DALLAS, Aug. 24, 2023 /PRNewswire/ -- Wingstop (NASDAQ: WING) today announced that it has entered into an accelerated share repurchase agreement (\"ASR\") with Morgan Stanley & Co. LLC to repurchase $125.0 million of Wingstop common stock. The ASR was entered into under Wingstop's previously announced $250.0 million share repurchase program. After completion of the ASR, $125.0 million will remain available under Wingstop's share repurchase program.\n\n \n \n \n \n \n \n\n \nWingstop is funding the ASR with cash on hand. Under the terms of the agreement, Wingstop will receive an initial share delivery of approximately 567,000 shares, with the final settlement scheduled to occur no later than the end of fiscal year 2023. The final number of shares to be repurchased by Wingstop under the ASR will be based on the volume-weighted average stock price of Wingstop's common stock during the term of the agreement, less a discount and subject to adjustments.\nAbout Wingstop\nFounded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 2,000 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and use of a best-in-class technology platform, all while offering classic and boneless wings, tenders, and chicken sandwiches, always cooked to order and hand sauced-and-tossed in fans' choice of 11 bold, distinctive flavors. Wingstop's menu also features signature sides including fresh-cut, seasoned fries and freshly-made ranch and bleu cheese dips.\nIn fiscal year 2022, Wingstop's system-wide sales increased 16.8% to approximately $2.7 billion, marking the 19th consecutive year of same store sales growth. With a vision of becoming a Top 10 Global Restaurant Brand, Wingstop's system is comprised of independent franchisees, or brand partners, who account for approximately 98% of Wingstop's total restaurant count of 2,046 as of July 1, 2023.\nA key to this business success and consumer fandom stems from The Wingstop Way, which includes a core value system of being Authentic, Entrepreneurial, Service-minded, and Fun. The Wingstop Way extends to the brand's environmental, social and governance platform as Wingstop seeks to provide value to all guests.\nRounding out a strong year in 2022, the Company made Technomic 500's \"Fastest Growin...