Innovage Holding Corp. (NASDAQ: INNV) has announced an increase in the amount of its common stock that may be repurchased under its share repurchase program. The company's board of directors has authorized the repurchase of up to an additional $2.5 million of its common stock, in addition to the $5.0 million originally authorized in June 2024.
Since June 2024, the company has already repurchased a total of 837,372 shares of common stock under the initial authorization, with an aggregate market value of $5.0 million.
The share repurchases under the program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws. The timing of purchases and the number of shares repurchased will depend on various factors, including the company’s stock price, trading volume, corporate and regulatory requirements, and market conditions. It's important to note that the company is not obligated to purchase any shares under the program, and the program may be suspended or discontinued at any time without notice.
As of June 30, 2024, Innovage served approximately 7,020 participants across 20 centers in six states.
This announcement comes as Innovage continues its mission to enable seniors to age independently in their own homes for as long as safely possible and to improve the quality of care for its participants while reducing over-utilization of high-cost care settings. The market has reacted to these announcements by moving the company's shares -2.0% to a price of $5.76. For more information, read the company's full 8-K submission here.
