DoubleVerify Announces $150 Million Share Repurchase Program
17 May 2024 - 6:15AM
Business Wire
DoubleVerify Holdings, Inc. (“DV”) (NYSE: DV), one of the
leading software platforms for digital media measurement, data and
analytics, today announced that its Board of Directors has
authorized the repurchase of up to $150 million of DV’s outstanding
common stock (the “Repurchase Program”). Under the Repurchase
Program, DV may repurchase for cash from time to time shares of its
common stock through open market purchases pursuant to Rule 10b-18
and/or Rule 10b5-1 plans, in compliance with applicable securities
laws and other legal requirements. The volume and timing of any
repurchases will be subject to general market conditions, as well
as DV’s management of capital, other investment opportunities, and
other factors. The Repurchase Program does not obligate DV to
repurchase any specific number of shares, has no time limit, and
may be modified, suspended, or discontinued at any time at the
company’s discretion.
DV currently expects to fund the Repurchase Program from
existing cash on hand and future cash flows. As of March 31, 2024,
DV had cash and cash equivalents of approximately $302 million. DV
had approximately 172 million shares of common stock outstanding as
of April 29, 2024.
Forward-Looking Statements
This press release includes “forward-looking statements”. All
statements other than statements of historical fact could be deemed
forward-looking, including, but not limited to, statements
regarding expected purchases under and funding of the Repurchase
Program. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as “may,” “plan,”
“seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,”
“believe” or “continue” or the negative thereof or variations
thereon or similar terminology. Forward-looking statements are
subject to known and unknown risks and uncertainties, many of which
may be beyond our control. We caution you that the forward-looking
information presented in this press release is not a guarantee of
future events, and that actual events may differ materially from
those made in or suggested by the forward-looking information
contained in this press release.
Further information on these and additional risks,
uncertainties, and other factors that could cause actual outcomes
and results to differ materially from those included in or
contemplated by the forward-looking statements contained in this
press release are included under the caption “Risk Factors” in the
Company’s Annual Report on Form 10-K filed with the SEC on February
28, 2024 and other filings and reports we make with the SEC from
time to time.
We have based our forward-looking statements on our management’s
beliefs and assumptions based on information available to our
management at the time the statements are made. Any forward-looking
information presented herein is made only as of the date of this
press release, and, except as required by law, we do not undertake
any obligation to update or revise any forward-looking information
to reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
About DoubleVerify
DoubleVerify is the industry’s leading media effectiveness
platform that leverages AI to drive superior outcomes for global
brands. By creating more effective, transparent ad transactions, we
make the digital advertising ecosystem stronger, safer and more
secure, thereby preserving the fair value exchange between buyers
and sellers of digital media. Learn more at
www.doubleverify.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240516377784/en/
Investor Relations Tejal Engman DoubleVerify
IR@doubleverify.com
Media Contact Chris Harihar Crenshaw Communications
646‑535‑9475 chris@crenshawcomm.com
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