Eventbrite, Inc. (NYSE:EB) has made a significant announcement regarding its financial strategy. The company's board of directors has approved a $100 million share repurchase program. This move indicates the company's confidence in its financial position and its commitment to enhancing shareholder value. Eventbrite plans to fund the repurchase program from existing cash and cash equivalents and/or future cash flows.
As of December 31, 2023, Eventbrite had approximately $391.1 million in available liquidity. The company had about 86,206,862 shares of Class A common stock and 15,661,433 shares of Class B common stock outstanding as of February 29, 2024.
This repurchase program reflects Eventbrite's management of capital and general business conditions. It also signifies the company's assessment of other investment opportunities and factors influencing its financial position. The program offers flexibility as it does not obligate Eventbrite to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at the company’s discretion.
Eventbrite may purchase shares of Class A common stock through various methods, including open market purchases, block trades, privately negotiated transactions, accelerated share repurchase transactions, and/or pursuant to rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements.
As a result of these announcements, the company's shares have moved 10.4% on the market, and are now trading at a price of $5.64. Check out the company's full 8-K submission here.
