Despegar Board of Directors Approves New Share Repurchase Program

Rhea-AI Summary

Despegar.com (NYSE: DESP) has announced a new $40 million share repurchase program approved by its Board of Directors on June 13, 2022. The program, effective June 14, 2022 and expiring on August 12, 2022, enables various methods for repurchasing shares, including trading plans in accordance with Rule 10b5-1. The timing and volume of repurchases will depend on market conditions and other factors. Despegar, a leader in Latin America's online travel sector, aims to enhance shareholder value through this initiative.

Positive

• Share repurchase program of $40 million may enhance shareholder value.
• Reinforces confidence in the company's financial position and future.

Negative

• None.

BRITISH VIRGIN ISLANDS--(BUSINESS WIRE)-- Despegar.com, Corp. (NYSE: DESP) (“Despegar”), the leading online travel company in Latin America, today announced that on June 13, 2022, the Company’s Board of Directors approved a new share repurchase program (the “2022 Share Repurchase Program”) that enables the Company to repurchase up to $40 million of its shares. The 2022 Share Repurchase Program becomes effective on June 14, 2022, and expires on August 12, 2022. Share repurchases may be undertaken through a variety of methods, including pursuant to trading plans adopted in accordance with Rule 10b5‐1 of the Exchange Act, or through open market or privately negotiated transactions, in accordance with applicable law.

The timing and number of shares repurchased pursuant to the 2022 Share Repurchase Program may depend on a variety of factors, including price, general business and market conditions, alternative investment opportunities and other factors. The Company is not obligated to acquire any specific number of shares under the 2022 Share Repurchase Program, and the program may be suspended, terminated or modified at any time for any reason, in accordance with applicable law.

About Despegar.com

Despegar is the leading online travel company in Latin America. For over two decades, it has revolutionized the tourism industry through technology. With its continuous commitment to the development of the sector, Despegar today is comprised of a consolidated Group that includes Best Day, Viajes Falabella, Viajanet and Koin (the Company’s fintech business), in turn becoming one of the most relevant companies in the region and able to offer a tailor-made experience for more than 29 million customers.

Despegar operates in 20 countries in the region, accompanying Latin Americans from the moment they dream of traveling until they share their memories. With the purpose of improving people's lives and transforming the shopping experience, it has developed alternative payment methods and financing, democratizing access to consumption and bringing Latin Americans closer to their next travel experience. Despegar is traded on the New York Stock Exchange (NYSE: DESP). For more information, please visit www.despegar.com.

Forward-Looking Statements

This press release includes forward-looking statements. We base these forward-looking statements on our current beliefs, expectations and projections about future events and financial trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005780/en/

Despegar

Mariano Scagliarini

General Counsel

Phone: (+54911) 31903222

E-mail: Mariano.Scagliarini@despegar.com

Source: Despegar.com, Corp.

FAQ

What is the purpose of Despegar's $40 million share repurchase program?

The $40 million share repurchase program aims to enhance shareholder value and reflects the company's confidence in its financial position.

When will the share repurchase program for DESP start and end?

The share repurchase program for DESP will start on June 14, 2022, and end on August 12, 2022.

How will Despegar execute its share repurchase program?

Despegar may repurchase shares through various methods, including trading plans under Rule 10b5-1 and open market transactions.

What factors will influence Despegar's share repurchase decisions?

The timing and number of shares repurchased will depend on factors such as price, market conditions, and alternative investment opportunities.