Vasta Announces Share Repurchase Program
13 August 2021 - 7:30PM
Vasta Platform Limited, or Vasta (Nasdaq: VSTA),
today announced that its Board of Directors has approved its first
share repurchase program, or the Repurchase Program. Under the
Repurchase Program, Vasta may repurchase up to 1,000,000 in Class A
common shares in the open market, based on prevailing market
prices, or in privately negotiated transactions, over a period
beginning on August 17, 2021, continuing until the earlier of the
completion of the repurchase or February 17, 2022, depending upon
market conditions. Vasta’s Board of Directors will review the
Repurchase Program periodically and may authorize adjustments to
its terms and size or suspend or discontinue the Repurchase
Program. Vasta expects to utilize its existing funds to fund
repurchases made under the Repurchase Program.
Vasta’s Board of Directors has authorized
management to enter into a trading plan with a broker in accordance
with Rule 10b5-1 promulgated by the U.S. Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), to facilitate repurchases of its Class A
common shares pursuant to the Repurchase Program (the “Rule 10b5-1
Plan”). The Rule 10b5-1 plan would allow Vasta to execute trades
during periods when it would ordinarily not be permitted to do so
because it may be in possession of material non-public information,
because of insider trading laws or self-imposed trading blackout
periods. Under the Rule 10b5-1 plan, Vasta’s broker would have the
authority, under the prices, terms and limitations set forth in the
Rule 10b5-1 Plan, including compliance with Rule 10b-18 of the
Exchange Act, to repurchase shares on Vasta’s behalf.
The actual timing, number and value of shares
repurchased under the Repurchase Program will depend on several
factors, including constraints specified in the Rule 10b5-1 Plan,
price, general business and market conditions, and alternative
investment opportunities. The Repurchase Program does not obligate
Vasta to acquire any specific number of shares in any period, and
may be expanded, extended, modified or discontinued at any
time.
About Vasta Platform Limited (Nasdaq:
VSTA)
Vasta is a leading, high-growth education
company in Brazil powered by technology, providing end-to-end
educational and digital solutions that cater to all needs of
private schools operating in the K-12 educational segment,
ultimately benefiting all of Vasta’s stakeholders, including
students, parents, educators, administrators and private school
owners. Vasta’s mission is to help private K-12 schools to be
better and more profitable, supporting their digital
transformation. Vasta believes it is uniquely positioned to help
schools in Brazil undergo the process of digital transformation and
bring their education skill-set to the 21st century. Vasta promotes
the unified use of technology in K-12 education with enhanced data
and actionable insight for educators, increased collaboration among
support staff and improvements in production, efficiency and
quality. For more information, please visit
ir.vastaplatform.com.
Forward-Looking Statements
This press release contains forward-looking
statements that can be identified by the use of forward-looking
words such as “expect,” and “estimate” among others.
Forward-looking statements appear in a number of places in this
press release and include, but are not limited to, statements
regarding our intent, belief or current expectations.
Forward-looking statements are based on our management’s beliefs
and assumptions and on information currently available to our
management. Such statements are subject to risks and uncertainties,
and actual results may differ materially from those expressed or
implied in the forward-looking statements due to of various
factors, including (i) general economic, financial, political,
demographic and business conditions in Brazil, as well as any other
countries we may serve in the future and their impact on our
business; (ii) fluctuations in interest, inflation and exchange
rates in Brazil and any other countries we may serve in the future;
(iii) our ability to implement our business strategy and expand our
portfolio of products and services; (iv) our ability to adapt to
technological changes in the educational sector; (v) the
availability of government authorizations on terms and conditions
and within periods acceptable to us; (vi) our ability to continue
attracting and retaining new partner schools and students; (vii)
our ability to maintain the academic quality of our programs;
(viii) the availability of qualified personnel and the ability to
retain such personnel; (ix) changes in the financial condition of
the students enrolling in our programs in general and in the
competitive conditions in the education industry; (x) our
capitalization and level of indebtedness; (xi) the interests of our
controlling shareholder; (xii) changes in government regulations
applicable to the education industry in Brazil; (xiii) government
interventions in education industry programs, that affect the
economic or tax regime, the collection of tuition fees or the
regulatory framework applicable to educational institutions; (xiv)
cancellations of contracts within the solutions we characterize as
subscription arrangements or limitations on our ability to increase
the rates we charge for the services we characterize as
subscription arrangements; (xv) our ability to compete and conduct
our business in the future; (xvi) our ability to anticipate changes
in the business, changes in regulation or the materialization of
existing and potential new risks; (xvii) the success of operating
initiatives, including advertising and promotional efforts and new
product, service and concept development by us and our competitors;
(xviii) changes in consumer demands and preferences and
technological advances, and our ability to innovate to respond to
such changes; (xix) changes in labor, distribution and other
operating costs; our compliance with, and changes to, government
laws, regulations and tax matters that currently apply to us; (xx)
the effectiveness of our risk management policies and procedures,
including our internal control over financial reporting; (xxi)
health crises, including due to pandemics such as the COVID-19
pandemic and government measures taken in response thereto; (xxii)
other factors that may affect our financial condition, liquidity
and results of operations; and (xxiii) other risk factors discussed
under “Risk Factors.” Forward-looking statements speak only as of
the date they are made, and we do not undertake any obligation to
update them in light of new information or future developments or
to release publicly any revisions to these statements in order to
reflect later events or circumstances or to reflect the occurrence
of unanticipated events.
Investor Relations Contact:
Investor Relationsri@somoseducacao.com.br
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