Emerald Holding’s Board of Directors Authorizes $20 Million Share Repurchase Program
Emerald Holding, Inc. (NYSE: EEX) has announced a stock repurchase program, allowing for the buyback of up to $20 million in common stock. Interim President and CEO Brian Field stated that this move serves the best interests of shareholders based on current market conditions. The repurchases will occur at prevailing market prices and are expected to extend through the end of 2021, subject to Board adjustments. This signifies the company's effort to enhance shareholder value amid a challenging economic landscape.
- Stock buyback program of up to $20 million indicates confidence in future performance.
- Potential enhancement of shareholder value through stock repurchase.
- Company faces risks related to COVID-19 that could impact business recovery and financial stability.
- The ongoing economic uncertainty may hinder the effectiveness of the buyback program.
NEW YORK--(BUSINESS WIRE)--Emerald Holding, Inc. (NYSE: EEX) (“Emerald”) today announced that its Board of Directors has approved the repurchase of up to an aggregate of
“Based on current market prices, we believe that the repurchase program is in the best interests of our shareholders,” commented Brian Field, Emerald’s Interim President and Chief Executive Officer.
The repurchases will be made from time to time on the open market at prevailing market prices. The repurchase program is expected to continue through the end of 2021, unless extended or shortened by the Board of Directors.
About Emerald
Emerald is a leader in building dynamic, market-driven business-to-business platforms that integrate live events with a broad array of industry insights, digital tools, and data-focused solutions to create uniquely rich experiences. As true partners, we at Emerald strive to build our customers’ businesses by creating opportunities that inspire, amaze, and deliver breakthrough results. With over 140 events each year, our teams are creators and connectors who are thoroughly immersed in the industries we serve and committed to supporting the communities in which we operate.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain forward-looking statements. These statements involve risks and uncertainties, including, but not limited to, governmental, economic and public health factors outside of the Company’s control that may cause its business, industry, strategy, financing activities or actual results to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking statements” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. In particular, the Company is subject to risks associated with, but not limited to, the impact of coronavirus/ COVID-19 on Emerald’s business, the Company’s ability to recover proceeds under its current event cancellation insurance policy and the timing and amount of any such recoveries, its managing of its business to reduce expenses, preserve cash and strengthen its liquidity position, and the positioning of Emerald to successfully weather the dislocation that it is experiencing due to COVID-19. The Company undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
