Stran & Company Announces Share Repurchase Program
2022年2月23日 - 10:30PM
Stran & Company, Inc. ("Stran" or the "Company") (NASDAQ: STRN)
(NASDAQ: STRNW), a leading outsourced marketing solutions provider
that leverages its promotional products and loyalty incentive
expertise, today announced that its Board of Directors (the
“Board”) authorized a share repurchase program under which the
Company may repurchase up to $10 million of its outstanding shares
of common stock in the open market, in accordance with all
applicable securities laws and regulations, including Rule 10b-18
of the Securities Exchange Act of 1934, as amended. The Company’s
decision to repurchase its shares, as well as the timing of such
repurchases, will depend on a variety of factors that include
ongoing assessments of the Company’s capital needs, market
conditions and the price of the Company’s common stock, and other
corporate considerations, as determined by management. The
repurchase program may be suspended or discontinued at any time.
Andy Shape, President and CEO of Stran,
commented, “Stran is in the strongest financial position in the
Company’s history. We continue to generate strong organic
growth and positive cash flow. In addition, we raised over $42
million in gross proceeds as a result of the recent IPO and private
placement. This additional capital allowed us to consummate the
recent acquisition of GAP Promo, which generated over $7 million of
sales in 2020 and has been profitable since inception in
2006. We expect this transaction to be highly
accretive. Moreover, we have a strong cash war chest to
pursue similar acquisitions given the fragmented nature of the
market and what we believe are attractive multiples. Given
the recent volatility in the marketplace, I am happy to report the
Board has approved a share repurchase program of up to $10
million. We believe that strategic and opportunistic use of
this program will add tremendous value for shareholders, especially
considering the pricing of the IPO and private placement, which
were considerably higher than the current share price. I am
more excited than ever about the outlook for the business and look
forward to providing further updates on our progress.”
About StranOver the past 25
years, Stran has grown to become a leader in the promotional
products industry, specializing in complex marketing programs to
help recognize the value of promotional products, branded
merchandise and loyalty incentive programs as a tool to drive
awareness, build brands and impact sales. Stran is the chosen
partner of many Fortune 500 companies, across a variety of
industries, to execute their promotional marketing, loyalty and
incentive, sponsorship activation, recruitment, retention, and
wellness campaigns. Stran provides world-class customer service and
utilizes cutting-edge technology, including efficient ordering and
logistics technology to provide order processing, warehousing and
fulfillment functions. The Company’s mission is to develop
long-term relationships with its clients, enabling them to connect
with both their customers and employees in order to build lasting
brand loyalty. Additional information about the Company is
available at: www.stran.com.
Forward Looking Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” "will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on the Company’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate. These and other risks and uncertainties are described
more fully in the section titled “Risk Factors” in the final
prospectus related to the public offering filed with the SEC and
other reports filed with the SEC thereafter. Forward-looking
statements contained in this announcement are made as of this date,
and the Company undertakes no duty to update such information
except as required under applicable law.
Contacts:Investor Relations
Contact:Crescendo Communications, LLCTel: (212)
671-1021STRN@crescendo-ir.com
Press Contact:Howie Turkenkopf
press@stran.com
Stran (NASDAQ:STRNW)
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から 5 2024 まで 6 2024
Stran (NASDAQ:STRNW)
過去 株価チャート
から 6 2023 まで 6 2024