VTEX (NYSE: VTEX), a leading global commerce platform, has announced the initiation of a share repurchase program. The company's board of directors has authorized the buyback of up to $30 million of its Class A common shares over the next year. This decision follows VTEX's strong performance during the recent Black Friday-Cyber Monday period, which the company believes demonstrates the resilience and potential of its business model.
The repurchase program is set to be implemented through open market or privately negotiated transactions, in compliance with the Securities and Exchange Commission Rule 10b-18. VTEX has clarified that the program does not require the company to purchase any specific number of shares and may be adjusted, suspended, or discontinued according to the company's discretion.
The timing and volume of the repurchases will be determined based on market conditions, legal requirements, and other relevant factors as assessed by VTEX's management. The company may also engage in these repurchases under a Rule 10b5-1 plan. Shares acquired through the program may be canceled or retained for future use in equity incentive plans or other corporate purposes.
VTEX is renowned for offering a composable and complete commerce platform that enhances efficiency and reduces maintenance for businesses looking to optimize their technology investments. The platform's pragmatic composability approach provides flexibility and comprehensive solutions, allowing clients to invest in technologies that deliver clear business advantages and heightened profitability.
The company serves a diverse global clientele, including notable B2C and B2B brands such as Carrefour (EPA:CARR), Colgate, Motorola (NYSE:MSI), Sony (NYSE:SONY), Stanley Black & Decker (NYSE:SWK), and Whirlpool (NYSE:WHR). As of the fiscal year ending on December 31, 2023, VTEX supports 3,500 active online stores across 43 countries.
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