Mynd.ai Announces $10 Million Share Repurchase Program

Rhea-AI Summary

Mynd.ai (NYSE American: MYND) has announced a $10 million share repurchase program authorized by its Board of Directors. The program allows for the repurchase of American depositary shares (ADSs) and/or ordinary shares as market conditions and liquidity permit. CEO Vin Riera stated that this move demonstrates the company's commitment to delivering long-term value to shareholders and represents an opportunity to deploy available cash.

The repurchase program comes alongside other strategic initiatives, including the recent sale of a non-strategic business for $20 million. These actions reflect Mynd's confidence in its business strength and efforts to enhance its financial position. Repurchases may be made through various means, including open-market purchases and privately negotiated transactions, subject to applicable securities laws. The company reserves the right to commence or suspend repurchases without prior notice, depending on market conditions.

Positive

• Authorization of a $10 million share repurchase program
• Recent sale of a non-strategic business for $20 million
• Potential to enhance shareholder value through share buybacks
• Demonstration of confidence in the company's business strength

Negative

• Repurchase program may be suspended without prior notice
• No guarantee on the number of shares to be repurchased, if any

SEATTLE, Oct. 21, 2024 /PRNewswire/ -- Mynd.ai, Inc. ("Mynd" or the "Company") (NYSE American: MYND) today announced that the Company's Board of Directors has authorized the repurchase of up to $10 million of its American depositary shares ("ADSs") and/or ordinary shares as market conditions and the Company's liquidity warrant.

"We are committed to delivering long-term value to our shareholders and we believe that the potential to repurchase our shares and ADSs at these levels represents a compelling opportunity to deploy available cash to do so," stated Vin Riera, Mynd's Chief Executive Officer. Riera added, "The share repurchase program, combined with our recently announced strategic initiatives, including the sale of a non-strategic business for $20 million, reflect both our confidence in the strength of our business as well as our ongoing efforts to bolster our financial position and enhance long-term shareholder value."

Repurchases may be made from time to time, subject to applicable securities laws, through open-market purchases, privately negotiated transactions or by other means (including Rule 10b5-1 and Rule 10b5-18 compliant trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. There can be no assurances how many ADS/shares, if any, the Company may repurchase. 

Forward-Looking Statements

This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect Mynd's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," "optimistic," and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in Mynd's Annual Report on Form 20-F, filed with the SEC on March 27, 2024, as such factors may be updated from time to time in Mynd's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Mynd's filings with the SEC. While forward-looking statements reflect Mynd's good faith beliefs, they are not guarantees of future performance. Mynd disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law.

About Mynd.ai, Inc.

Seattle-based Mynd is a global leader in interactive technology offering best-in-class hardware and software solutions that help organizations create and deliver dynamic content; simplify and streamline teaching, learning, and communication; and facilitate real-time collaboration. Our award-winning interactive displays and software can be found in more than 1 million learning and training spaces across 126 countries. Our global distribution network of more than 4,000 reseller partners and our dedicated sales and support teams around the world enable us to deliver the highest level of service to our customers.

View original content:https://www.prnewswire.com/news-releases/myndai-announces-10-million-share-repurchase-program-302281082.html

SOURCE Mynd.ai

FAQ

What is the value of Mynd.ai's newly announced share repurchase program?

Mynd.ai has announced a $10 million share repurchase program for its American depositary shares (ADSs) and/or ordinary shares.

How much did Mynd.ai (MYND) recently sell its non-strategic business for?

Mynd.ai recently sold a non-strategic business for $20 million as part of its strategic initiatives.

Who authorized the share repurchase program for Mynd.ai (MYND)?

The share repurchase program was authorized by Mynd.ai's Board of Directors.

How will Mynd.ai (MYND) conduct the share repurchases?

Repurchases may be made through open-market purchases, privately negotiated transactions, or other means, subject to applicable securities laws.