PHOENIX, Nov. 7, 2024
/PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity"
or the "Company"), a leading provider of diversified financial
solutions to growth-oriented companies, today announced that its
board of directors has authorized a program for the purpose of
repurchasing up to $30 million worth
of the Company's common stock.
Under the repurchase program, Trinity may, but is not obligated
to, repurchase its outstanding common stock in the open market from
time to time, provided that Trinity complies with applicable
policies and laws, including certain price, market, volume, and
timing constraints specified in Rule 10b-18 of the Securities Exchange Act of 1934, as
amended. Unless amended or extended by Trinity's board of
directors, the Company expects the repurchase program to be in
place until the earlier of November 7,
2025, or until $30 million of
Trinity's outstanding shares of common stock have been
repurchased.
The Company's board of directors authorized the repurchase
program because it believes sustained macroeconomic pressures and
other market factors may cause the Company's common stock to be
undervalued from time to time, especially relative to the Company's
performance and its peers, and that such repurchase demonstrates
the Company's stability and strength, including the resilience and
creditworthiness of its portfolio. The timing and number of shares
to be repurchased will depend on a number of factors, including
market conditions and alternative investment opportunities. In
addition, any repurchases will be conducted in accordance with the
Investment Company Act of 1940, as amended. The Company has not yet
been active in the repurchase program and there are no assurances
that it will engage in repurchases, but if market conditions
warrant, Trinity now has the ability to take advantage of
situations where the Company's management believes share
repurchases would be advantageous to the Company and to its
shareholders.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-oriented companies with institutional
equity investors. Trinity Capital's investment objective is to
generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in filings with the Securities and Exchange Commission
("SEC"). The Company undertakes no duty to update any
forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press release. More
information on risks and other potential factors that could affect
the Company's financial results, including important factors that
could cause actual results to differ materially from plans,
estimates or expectations included herein or on the
webcast/conference call, is included in the Company's filings with
the SEC, including in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's most recently filed annual
report on Form 10-K and subsequent SEC filings.
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SOURCE Trinity Capital Inc.