Better Choice Company Repurchases Approximately $1.3 Million of Common Stock through Buyback Program

Rhea-AI Summary

Better Choice Company (NYSE American: BTTR) has repurchased approximately $1.3 million of its common stock at an average price of $3.67 per share, as part of a $2.0 million stock repurchase program authorized by its Board of Directors. This program, set to continue until December 31, 2021, allows share repurchases in open market or private transactions. Chairman Michael Young emphasized the company's belief that their shares are undervalued and stated that they are committed to reinvesting in their growth opportunities within the premium pet food industry.

Positive

• Repurchased $1.3 million of stock, reinforcing confidence in share value.
• Authorized repurchase program of up to $2.0 million enhances shareholder value.

Negative

• None.

TAMPA, Fla., Sept. 17, 2021 (GLOBE NEWSWIRE) -- Better Choice Company Inc. (NYSE American: BTTR) (“Better Choice” or “the Company”), an animal health and wellness company, today announced that it has repurchased approximately $1.3 million of the Company’s common stock at an average price of $3.67 per share in the open market with cash on hand.

The Company’s Board of Directors had previously authorized a stock repurchase program under which the Company can repurchase up to $2.0 million of the currently outstanding shares of the Company’s common stock, until December 31, 2021.

Michael Young, Chairman of Better Choice, commented, “Following the authorization of our share repurchase program and based on the growth opportunities we are executing against, we consider our shares to be undervalued and view this as an opportune time to use our capital to continue reinvesting in ourselves. This underscores the continued confidence the Board and management, who have consistently invested in the Company both pre and post-uplist, have in building a leadership position in the premium pet food industry.”

Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission (“SEC”). The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the SEC and other applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period. Payment for shares repurchased under the program will be funded using the Company's cash on hand.

About Better Choice Company Inc.

Better Choice Company Inc. is a rapidly growing animal health and wellness company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier and longer lives. We take an alternative, nutrition-based approach to animal health relative to conventional dog and cat food offerings and position our portfolio of brands to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. We have a demonstrated, multi-decade track record of success selling trusted animal health and wellness products and leverage our established digital footprint to provide pet parents with the knowledge to make informed decisions about their pet’s health. We sell the majority of our dog food, cat food and treats under the Halo and TruDog brands, which are focused, respectively, on providing sustainably sourced kibble and canned food derived from real whole meat, and minimally processed raw-diet dog food and treats. For more information, please visit https://www.betterchoicecompany.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:

Better Choice Company, Inc.
Scott Lerner, CEO

Investor Contact:

KCSA Strategic Communications
Valter Pinto, Managing Director
PH: 212-896-1254
Valter@KCSA.com

FAQ

What amount of stock did Better Choice Company repurchase?

Better Choice Company repurchased approximately $1.3 million in common stock.

What is the average price per share for the repurchase by Better Choice?

The average price per share for the repurchase was $3.67.

What is the total amount authorized for the stock repurchase program by Better Choice?

The total amount authorized for the stock repurchase program is $2.0 million.

When does the stock repurchase program for Better Choice expire?

The stock repurchase program is set to expire on December 31, 2021.