HireQuest (HQI) Announces $20 Million Share Repurchase Program

By Chris Stiles • Thursday, December 18 04:14 • Permanent Link

HireQuest, Inc. (NASDAQ: HQI) has just announced a significant move to enhance shareholder value with the approval of a $20 million share repurchase program. The company's board of directors has given the green light for the repurchase of its outstanding shares of common stock, signaling a strong belief in the company's long-term strategy and a commitment to returning capital to its shareholders.

Rick Hermanns, the Chief Executive Officer of HireQuest, expressed the company's belief that a share repurchase program is the best and most efficient use of its capital at the present time. This move reflects HireQuest's dedication to prudent capital management and deployment.

The program will allow HireQuest to repurchase shares through various methods, including open market purchases, privately negotiated transactions, block purchases, and/or pursuant to rule 10b5-1 trading plans, subject to applicable securities laws and other legal requirements. The timing and number of shares purchased will depend on factors such as the price and availability of the company’s common stock and general market conditions.

It's worth noting that the share repurchase program may be modified, suspended, or terminated at any time, without prior notice. Additionally, shares repurchased may be reissued later in connection with employee benefit plans and other general corporate purposes.

This announcement comes as HireQuest continues to solidify its position as a global franchisor of on-demand, executive search, and commercial staffing solutions. With divisions including HireQuest Direct, Snelling Staffing, MRINetwork, TradeCorps, and others, the company provides employment for thousands of individuals each year across a wide range of industries.

The approval of the share repurchase program is a clear signal of HireQuest's confidence in its future prospects and its commitment to maximizing shareholder value. The market has reacted to these announcements by moving the company's shares -0.84% to a price of $7.63. For the full picture, make sure to review HireQuest's 8-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.