THE INTERGROUP CORPORATION ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM

Rhea-AI Summary

The InterGroup Corporation (NASDAQ: INTG) has announced a buyback of up to 125,000 shares, raising the total authorized for repurchase to approximately 130,000 shares. This decision stems from the Board's confidence in management and belief that the company's stock is currently undervalued. The repurchases will be executed based on market conditions and management discretion, signaling a commitment to enhancing shareholder value.

Positive

• Authorization to repurchase 125,000 additional shares enhances shareholder value.
• Increased total repurchase authorization to approximately 130,000 shares reflects Board's confidence in management.

Negative

• None.

Los Angeles, California, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The InterGroup Corporation (NASDAQ: INTG) today announced that its Board of Directors has authorized the Company to purchase up to an additional 125,000 shares of the Company’s common stock under its existing stock repurchase program, reflecting the Board’s confidence in management and the Company’s business, as well as belief that the Company’s shares are undervalued. That action increased the total remaining number of shares authorized for repurchase to approximately 130,000 shares. The purchases will be made, in the discretion of management, from time to time, in the open market or through privately negotiated third party transactions depending on market conditions and other factors.

* * *

Statements in this release which are not historical facts are “forward looking statements” and “safe harbor statements” under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company’s public filings with the Securities and Exchange Commission. 

CONTACT:	John V. Winfield
	Chairman of the Board, President and Chief Executive Officer
	Telephone: (310) 889-2500

FAQ

What is the purpose of the stock buyback by InterGroup Corporation (INTG)?

The buyback aims to increase shareholder value and indicates that the Board believes the shares are undervalued.

How many total shares are authorized for repurchase by InterGroup Corporation (INTG)?

The total authorized for repurchase has increased to approximately 130,000 shares.

When was the stock buyback announced by InterGroup Corporation (INTG)?

The stock buyback was announced on December 20, 2021.

How will the share repurchases be executed for InterGroup Corporation (INTG)?

The share repurchases will be made at management's discretion, depending on market conditions and other factors.