Altisource Asset Management Corporation Announces Repurchase of Common Stock

Rhea-AI Summary

Altisource Asset Management Corporation (NYSE: AAMC) announced the purchase of 286,873 shares of its common stock from Putnam Focused Equity Fund at $10 per share. CEO Jason Kopcak views this as a unique opportunity to buy shares below market price, enhancing shareholder value. The company expresses confidence in its strategic direction and plans to inform shareholders of upcoming developments. AAMC focuses on providing liquidity and capital to underserved markets, assessing potential long-term benefits, including Crypto-ATMs.

Positive

• Share repurchase of 286,873 shares at $10 each indicates strong shareholder value.
• Buying back shares below the trading price reflects confidence in the company's future.
• Potential long-term benefits from new market opportunities, including Crypto-ATMs.

Negative

• None.

CHRISTIANSTED, U.S. Virgin Islands, July 22, 2022 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (NYSE: AAMC) announced today that it purchased 286,873 shares of its common stock from Putnam Focused Equity Fund, a series of Putnam Funds Trust, at $10 per share.

"This is a unique opportunity for the company to purchase its common stock below its trading price, which we believe provides excellent value to our shareholders," said Chief Executive Officer Jason Kopcak. "This transaction reflects our confidence in the new direction of the firm and we look forward to updating our shareholders and the market on recent developments in our business."

About AAMC

AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as our Crypto-ATMs. Additional information is available at www.altisourceamc.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, anticipations, and assumptions. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “target,” “seek,” “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements.

The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.

FAQ

What was AAMC's recent stock repurchase announcement?

AAMC announced it purchased 286,873 shares at $10 per share from Putnam Focused Equity Fund.

Why did AAMC buy back its shares?

The company viewed the opportunity as a way to enhance shareholder value by purchasing shares below market price.

What impact does the stock repurchase have on AAMC?

The buyback is expected to provide excellent value to shareholders and express confidence in the company's future direction.

What is AAMC's business focus?

AAMC provides liquidity and capital to underserved markets and is exploring potential opportunities like Crypto-ATMs.