WOODLAND PARK, N.J., Sept. 30,
2021 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today
announced that its Board of Directors has authorized a share
repurchase program under which the Company may repurchase up to
$50 million of its outstanding shares
of common stock over a two-year period.
"Instituting this share repurchase program reflects the momentum
of Anterix's business and cash flow, as well as our confidence in
Anterix's continued performance. As we've previously stated, we
believe a share repurchase program represents an attractive and
tax-efficient opportunity to return value to shareholders and is
consistent with Anterix's history of being a disciplined steward of
capital to create long-term value for its investors," said
Rob Schwartz, Anterix President
& CEO.
The Company's decision and timing to repurchase its shares will
depend on a variety of factors, including the ongoing assessment of
the Company's capital position and needs, the market price of the
Company's common stock, general market conditions and other
strategic considerations, as determined by management. The
repurchase program may be suspended or discontinued at any
time.
Share repurchases may be made opportunistically in the open
market from time to time in amounts, at prices, and at such times
as the company deems appropriate, in privately negotiated
transactions, or otherwise depending on the factors referenced
above. Repurchases may also be made under a Rule 10b5-1 plan, which
would permit shares to be repurchased when the Company might
otherwise be precluded from doing so under insider trading laws.
Share repurchases will be funded using the Company's cash and cash
equivalents on hand and cash generated from operations. As of
June 30, 2021, the company had cash
and cash equivalents of approximately $106
million dollars. The Company had 18,116,430 shares of common
stock outstanding as of July 31,
2021.
About Anterix
At Anterix, we are focused on delivering
transformative broadband that enables the modernization of critical
infrastructure for the energy, transportation, logistics and other
sectors of our economy. As the largest holder of licensed
spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the
contiguous United States, plus
Hawaii, Alaska, and Puerto
Rico, we are uniquely positioned to enable the private LTE
broadband solutions that support secure, resilient, and
customer-controlled operations. For more information, visit:
www.anterix.com
Forward-Looking Statements
Any statements in this
press release regarding Anterix Inc. or its business operations,
plans and opportunities, or its proposed share repurchase program,
other than historical information, constitute forward-looking
statements within the meaning of the Federal securities laws.
Any such forward-looking statements are based on Anterix's current
expectations and are subject to a number of risks and uncertainties
that could cause Anterix's actual future results or the actual
results of its share repurchase program to differ materially from
its current expectations or those implied by the forward-looking
statements. These risks and uncertainties include, but are
not limited to: (i) Anterix may not be successful in
commercializing its spectrum assets to its targeted utility and
critical infrastructure customers, on a timely basis and on
favorable terms; (ii) Anterix may be unable to secure broadband
licenses from the FCC on a timely and cost-effective basis; (iii)
the value of Anterix's spectrum assets may fluctuate significantly
based on supply and demand, as well as technical and regulatory
changes; and (iv) Anterix may not be able to repurchase all of the
shares anticipated under its proposed share repurchase
program. Certain of these and other risk factors that may
affect Anterix's future results of operations are identified and
described in more detail in its filings with the SEC, including its
Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2021, filed with the SEC on
August 11, 2021. Accordingly,
you should not rely upon forward-looking statements as predictions
of future events. Except as required by applicable law, Anterix
undertakes no obligation to update publicly or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events, changed circumstances or
otherwise.
Shareholder Contact
Natasha
Vecchiarelli
Director, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
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SOURCE Anterix Inc.