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.
Wingstop 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.
About Wingstop
Founded 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.
In 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.
A 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.
Rounding out a strong year in 2022, the Company made Technomic
500's "Fastest Growing Franchise" list, was ranked #16 on
Entrepreneur Magazine's "Franchise 500," won Fast Casual's
Excellence in Food Safety award, and was named to Fast Company's
"The World's Most Innovative Companies" list ranking #4 in the
dining category.
For more information visit www.wingstop.com or
www.wingstop.com/own-a-wingstop and follow @Wingstop on Twitter,
Instagram, Facebook, and TikTok. Learn more about Wingstop's
involvement in its local communities at
www.wingstopcharities.org.
Forward-looking Statements
This news release includes statements of our expectations,
intentions, plans and beliefs that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and are intended to come within the safe
harbor protection provided by those sections. These statements,
which involve risks and uncertainties, relate to the discussion of
our expectations concerning the implementation and execution of our
share repurchase program. These forward-looking statements can
generally be identified by the use of forward-looking terminology,
including the terms "may," "will," "should," "expect," "intend,"
"plan," "outlook," "guidance," "anticipate," "believe," "think,"
"estimate," "seek," "predict," "can," "could," "project,"
"potential" or, in each case, their negative or other variations or
comparable terminology, although not all forward-looking statements
are accompanied by such terms. These forward-looking statements are
made based on expectations and beliefs concerning future events
affecting us and are subject to uncertainties, risks, and factors
relating to our operations and business environments, all of which
are difficult to predict and many of which are beyond our control,
that could cause our actual results to differ materially from those
matters expressed or implied by these forward-looking statements.
Please refer to the risk factors discussed in our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, which can be found at
the SEC's website www.sec.gov. The discussion of these risks is
specifically incorporated by reference into this news release.
When considering forward-looking statements in this news release
or that we make in other reports or statements, you should keep in
mind the cautionary statements in this news release and future
reports we file with the SEC. New risks and uncertainties arise
from time to time, and we cannot predict when they may arise or how
they may affect us. Any forward-looking statement in this news
release speaks only as of the date on which it was made. Except as
required by law, we assume no obligation to update or revise any
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
any forward-looking statements, even if new information becomes
available in the future.
Media Contact
Maddie
Lupori
Media@wingstop.com
Investor Contact
Kristen
Thomas
IR@wingstop.com
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SOURCE Wingstop Restaurants Inc.