Turning Point Brands Increases Common Stock Dividend

Rhea-AI Summary

The Board of Directors of Turning Point Brands (NYSE: TPB) has authorized a $24.6 million increase to its share repurchase program, raising the total to $50.0 million. Approximately $25.4 million remains from a prior approval on October 25, 2021. The company plans to execute repurchases through various means, subject to market conditions and legal requirements. There is no obligation for TPB to repurchase a specific number of shares, and the program may be suspended or discontinued at any time.

Positive

• Increased share repurchase authorization by $24.6 million, reflecting confidence in company value.
• Total repurchase program now stands at $50.0 million, which may enhance shareholder value.

Negative

• Repurchase program flexibility means shares may not be purchased if market conditions aren't favorable.

LOUISVILLE, Ky.--(BUSINESS WIRE)-- The Board of Directors of Turning Point Brands, Inc. (“TPB”) (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products including alternative smoking accessories and consumables with active ingredients, increased the Company’s share repurchase authorization by $24.6 million to an aggregate amount of $50.0 million, including approximately $25.4 million available for repurchases under the Board’s previous authorization approved on October 25, 2021.

The repurchase authorization permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan or other arrangements. The timing, manner, price and amount of any repurchases will be determined by the Company’s management in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The repurchase authorization does not obligate the Company to purchase any specific number of shares and may be suspended or discontinued at any time.

About Turning Point Brands, Inc.

Turning Point Brands (NYSE: TPB) is a manufacturer, marketer and distributor of branded consumer products including alternative smoking accessories and consumables with active ingredients through its iconic Zig-Zag® and Stoker’s® brands, and its emerging brands within the NewGen segment. TPB’s products are available in more than 210,000 retail outlets in North America, and on sites such as www.zigzag.com, www.nu-x.com and www.solacevapor.com. For the latest news and information about TPB and its brands, please visit www.turningpointbrands.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005428/en/

Louie Reformina, Senior Vice President, CFO

ir@tpbi.com (502) 774-9238

Source: Turning Point Brands, Inc.

FAQ

What is the new share repurchase authorization amount for TPB?

The new share repurchase authorization amount for Turning Point Brands is $50.0 million.

When was the previous share repurchase authorization approved for TPB?

The previous share repurchase authorization for Turning Point Brands was approved on October 25, 2021.

How much is available for repurchase under the new program for TPB?

Approximately $25.4 million is available for repurchase under the new program, in addition to the $24.6 million increase.

What factors will influence the timing of share repurchases for TPB?

The timing of share repurchases for Turning Point Brands will depend on economic and market conditions, stock price, and applicable legal requirements.

Is TPB obligated to purchase a specific number of shares under the repurchase program?

No, TPB is not obligated to purchase any specific number of shares under the repurchase program.