BARK Announces Authorization of Share Repurchase Program
17 Août 2023 - 10:01PM
Business Wire
BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading
global omnichannel dog brand with a mission to make all dogs happy,
today announced that its Board of Directors has authorized the
repurchase of up to $7.5 million of its common shares, the maximum
amount set forth under the terms related to the Company’s
outstanding convertible notes. This decision reflects the Company’s
strong financial position, continued expansion into promising
categories like consumables, and positive outlook on its future
cash position.
“We remain committed to delivering value to our shareholders and
today’s announcement is a testament to our healthy balance sheet
and confidence in our ability to execute on our key initiatives,”
said Zahir Ibrahim, Chief Financial Officer. “While limited by the
terms related to our convertible notes, which cap our share
repurchase capacity to $7.5 million each calendar year, we have the
opportunity to repurchase over 3% of our market capitalization at
current share prices. Given our robust runway, we believe this is a
strategic use of capital.”
Under the share repurchase program, the Company may repurchase
up to $7.5 million of outstanding common stock. The repurchase
program permits the Company to repurchase shares of common stock at
any time or from time to time at management’s discretion in open
market transactions made in accordance with the provisions of Rule
10b-18 under the Securities Exchange Act of 1934, as amended,
privately negotiated transactions or by other means in accordance
with applicable securities laws. The timing, price and volume of
stock repurchases will be based on a number of factors, including
market conditions, relevant securities laws, and other
considerations. The Company has no obligation to repurchase shares
and this program may be suspended or discontinued by the Company at
any time. Throughout the execution of this program, the Company is
committed to retaining the financial flexibility it needs to invest
in its core operations.
About BARK
BARK is the world’s most dog-centric company, devoted to making
dogs happy with the best products, services and content. BARK’s
dog-obsessed team applies its unique, data-driven understanding of
what makes each dog special to design playstyle-specific toys,
wildly satisfying treats, great food for your dog’s breed,
effective and easy to use dental care, and dog-first experiences
that foster the health and happiness of dogs everywhere. Founded in
2011, BARK loyally serves dogs nationwide with themed toys and
treats subscriptions, BarkBox and BARK Super Chewer; custom product
collections through its retail partner network, including Target
and Amazon; its high-quality, nutritious meals made for your breed
with BARK Food; and products that meet dogs’ dental needs with BARK
Bright®. At BARK, we want to make dogs as happy as they make us
because dogs and humans are better together. Sniff around at
shop.BARK.co for more information.
Forward Looking Statements
This press release contains forward-looking statements relating
to, among other things, the future performance of BARK that are
based on the Company’s current expectations, forecasts and
assumptions and involve risks and uncertainties. In some cases, you
can identify forward-looking statements by terminology such as
“may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,”
“believe,” “estimate,” “predict,” “intend,” “potential,”
“continue,” “ongoing” or the negative of these terms or other
comparable terminology. These statements include, but are not
limited to, statements about future operating results, including
our strategies, plans, commitments, objectives and goals. Actual
results could differ materially from those predicted or implied and
reported results should not be considered as an indication of
future performance. Other factors that could cause or contribute to
such differences include, but are not limited to, risks relating to
the uncertainty of the projected financial information with respect
to BARK; the risk that spending on pets may not increase at
projected rates; that BARK subscriptions may not increase their
spending with BARK; BARK’s ability to continue to convert social
media followers and contacts into customers; BARK’s ability to
successfully expand its product lines and channel distribution;
competition; the uncertain effects of the COVID-19 pandemic or
other global or macroeconomic events or challenges.
More information about factors that could affect BARK's
operating results is included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company's quarterly report on Form
10-Q, copies of which may be obtained by visiting the Company’s
Investor Relations website at https://investors.bark.co/ or the
SEC’s website at www.sec.gov. Undue reliance should not be placed
on the forward-looking statements in this press release, which are
based on information available to the Company on the date hereof.
The Company assumes no obligation to update such statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230817263392/en/
Investors: Michael Mougias investors@barkbox.com Media:
Garland Harwood press@barkbox.com
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