Superior Group of Companies Announces New Stock Repurchase Plan
Rhea-AI Summary
Superior Group of Companies (NASDAQ: SGC) has announced a new stock repurchase plan approved by its Board of Directors. The plan authorizes the company to repurchase up to $10 million of its common stock over a one-year period. This replaces the previous plan from May 2, 2019, which had allowed for the repurchase of up to 750,000 shares, of which 92,549 were purchased.
The new plan enables SGC to purchase stock through various methods, including open market purchases, privately negotiated transactions, and block purchases. The timing and number of shares repurchased will depend on factors such as stock price, availability, and market conditions. Repurchased shares may be reissued for employee benefit plans and other corporate purposes.
Positive
- Authorization to repurchase up to $10 million of common stock
- Potential to increase shareholder value through stock buybacks
- Flexibility in repurchase methods, including open market and private transactions
- Possibility of using repurchased shares for employee benefit plans
Negative
- Allocation of $10 million for buybacks may impact cash reserves
- to a one-year period, which may constrain long-term repurchase strategies
News Market Reaction
On the day this news was published, SGC gained 2.85%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ST. PETERSBURG, Fla., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”) today announced that its Board of Directors approved a new stock repurchase plan. Under the plan, the Company is authorized to repurchase up to
The new stock repurchase plan allows the Company to purchase common stock from time to time through, among other ways, open market purchases, privately negotiated transactions, block purchases, and/or pursuant to Rule 10b5-1 trading plans, subject to certain requirements and factors. The number of shares purchased and the timing of any purchases will depend upon a number of factors, including the price and availability of the Company’s stock and general market conditions. Shares repurchased may be reissued later in connection with employee benefit plans and other general corporate purposes.
About Superior Group of Companies, Inc. (SGC):
Established in 1920, Superior Group of Companies is comprised of three attractive business segments each serving large, fragmented and growing addressable markets. Across Healthcare Apparel, Branded Products and Contact Centers, each segment enables businesses to create extraordinary brand engagement experiences for their customers and employees. SGC’s commitment to service, quality, advanced technology, and omnichannel commerce provides unparalleled competitive advantages. We are committed to enhancing shareholder value by continuing to pursue a combination of organic growth and strategic acquisitions. For more information, please visit www.superiorgroupofcompanies.com.
FAQ
What is the value of Superior Group of Companies' new stock repurchase plan?
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What methods can Superior Group of Companies use to repurchase stock under the new plan?
How many shares did Superior Group of Companies repurchase under its previous plan?
