U.S. Global Investors Announces Selection of Grant Thornton as Its New Auditor, Continuation of Stock Repurchase Program and Monthly Dividend

Rhea-AI Summary

On December 21, 2022, U.S. Global Investors, Inc. (GROW) announced the selection of Grant Thornton LLP as its new independent registered public accounting firm, a move approved by the Board of Directors. In November, the Company repurchased 24,795 shares for approximately $73,600, marking a 25% increase from the previous month and a 625% increase from November 2021. Additionally, the Board approved a stock repurchase program allowing up to $5 million annually and modified its purchasing algorithm. A monthly dividend of $0.0075 per share was also authorized, continuing through March 2023.

Positive

• Increased share buybacks of 625% year-over-year, enhancing shareholder value.
• Renewed stock repurchase program, allowing purchases up to $5 million annually.
• Monthly dividend of $0.0075 authorized, offering ongoing income to shareholders.

Negative

• None.

San Antonio, Texas, Dec. 21, 2022 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors, today announces that, following a rigorous and competitive review process, it has selected Grant Thornton LLP as its new independent registered public accounting firm. Grant Thornton LLP (GT) is the U.S. member of Grant Thornton International Ltd (GTIL). GT is a national firm with offices throughout the United States and GTIL is an international organization with member firms throughout the world. The change of the Company’s audit firm was approved by the Board of Directors (the “Board”).

November Stock Buybacks

In November 2022, the Company repurchased 24,795 of its shares at a net cost of around $73,600. This represents a 25% increase over the number of shares repurchased in the previous month and an approximately 625% increase over the number of shares repurchased in November 2021.

Enhanced Stock Repurchase Program

The Company is also pleased to announce that the Board has approved the renewal of its current stock repurchase program, which allows the Company to purchase up to $5 million of its stock per calendar year. As of December 14, 2022, the Company modified the algorithm used to purchase stock so it may buy back shares of GROW stock when the price is flat or down from the previous trading day, which may increase the number of trading days it can buy back shares.

Scheduled Dividends

A monthly dividend of $0.0075 per share was authorized December 16, 2022, to continue through March 2023. The dividend record dates are January 9, February 13, and March 13, and the payment dates are January 23, February 27 and March 27.

The continuation of future cash dividends will be determined by the Board of Directors, at its sole discretion, after review of the company’s financial performance and other factors, and is dependent on earnings, operations, capital requirements, general financial condition of the company and general business conditions.

About U.S. Global Investors, Inc.

The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides investment advisory services to U.S. Global Investors Funds and U.S. Global ETFs.

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FAQ

What accounting firm did U.S. Global Investors select on December 21, 2022?

U.S. Global Investors selected Grant Thornton LLP as its new independent registered public accounting firm.

How many shares did U.S. Global Investors repurchase in November 2022?

The Company repurchased 24,795 shares at a net cost of around $73,600 in November 2022.

What is the annual limit for the stock repurchase program approved by U.S. Global Investors?

The Board approved a stock repurchase program allowing up to $5 million in stock purchases per calendar year.

What is the monthly dividend amount for U.S. Global Investors shares?

The monthly dividend authorized is $0.0075 per share.

When are the scheduled payment dates for the dividends?

The payment dates for the dividends are January 23, February 27, and March 27, 2023.