Alta Equipment Group Inc. Announces Stock Repurchase Program
05 March 2020 - 12:30AM
Business Wire
Alta Equipment Group Inc. (NYSE: ALTG) today announced
that its Board of Directors has authorized a stock repurchase
program under which the Company can repurchase up to $10 million of
the currently outstanding shares of the Company’s common stock
through open market purchases, privately-negotiated transactions,
or otherwise in compliance with Rule 10b-18 under the Securities
Exchange Act of 1934.
The Board also authorized the Company to establish “Rule 10b5-1
trading plans.” Rule 10b5-1 trading plans allow companies to
repurchase shares at times when they might otherwise be prevented
from doing so by securities laws or because of self-imposed trading
blackout periods. Under any Rule 10b5-1 trading plan the Company
might adopt, the Company’s third-party broker, subject to
Securities and Exchange Commission regulations regarding certain
price, market, volume and timing constraints, would have authority
to purchase the Company’s common stock in accordance with the terms
of the plan.
Ryan Greenawalt, Alta’s Chief Executive Officer, stated, “The
stock repurchase program reflects our confidence in the strength of
our balance sheet, quality of our assets and our ongoing ability to
generate free cash flow. At current market price levels, we believe
the repurchase program is an excellent opportunity to buy our
common shares at a significant discount to their intrinsic value
and are an attractive investment. Our overall financial position,
as well as our cash flow from operations, will support this buyback
program and continue forward with our 2020-2021 operating
plans.”
The actual timing, number and value of shares repurchased under
the stock repurchase program will depend on a number of factors,
including constraints specified in any Rule 10b5-1 trading plans,
price, general business and market conditions, and alternative
investment opportunities. The share buyback program does not
obligate the Company to acquire any specific number of shares in
any period, and may be expanded, extended, modified or discontinued
at any time. Payment for shares repurchased under the program will
be funded using the Company's cash on hand.
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment
dealership platforms in the U.S. Through its branch network, the
Company sells, rents, and provides parts and service support for
several categories of specialized equipment, including lift trucks
and aerial work platforms, cranes, earthmoving equipment and other
industrial and construction equipment. Alta has operated as an
equipment dealership for 35 years and has developed a branch
network that includes 43 total locations across Michigan, Illinois,
Indiana, New England, New York and Florida. Alta offers its
customers a one-stop-shop for most of their equipment needs by
providing sales, parts, service, and rental functions under one
roof. More information can be found at www.altaequipment.com.
Forward-Looking Statements
This press release includes certain statements that may
constitute “forward-looking statements” for purposes of the federal
securities laws, including information regarding purchases by the
Company of its common stock pursuant to any Rule 10b5-1 trading
plans. Forward-looking statements include, but are not limited to,
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. By their nature,
forward-looking information and statements are subject to risks,
uncertainties, and contingencies, including changes in price and
volume and the volatility of the Company’s common stock; adverse
developments affecting either or both of prices and trading of
exchange-traded securities, including securities listed on the New
York Stock Exchange; and unexpected or otherwise unplanned or
alternative requirements with respect to the capital investments of
the Company. The Company does not undertake to update any forward
looking statements or information, including those contained in
this report.
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version on businesswire.com: https://www.businesswire.com/news/home/20200304005431/en/
Alta Equipment Group Inc. Investors: Bob Jones /
Taylor Krafchik Ellipsis IR@altaequipment.com (646) 776-0886
Media: Glenn Moore Alta Equipment
glenn.moore@altaequipment.com (248) 305-2134
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