SAN FRANCISCO, Feb. 11, 2022 /PRNewswire/ -- Twitter, Inc.
("Twitter" or the "Company") (NYSE: TWTR) today announced it has
entered into accelerated share repurchase agreements (ASRs) with
Morgan Stanley & Co. LLC and Wells Fargo Bank, National
Association (collectively, the "Dealers") to repurchase
$2 billion of the Company's common
stock. The ASRs were entered into pursuant to Twitter's
recently announced share repurchase program, under which
approximately $2 billion of share
repurchase authorization will remain available upon completion of
the ASRs.
Under the ASRs, Twitter will pre-pay the $2 billion purchase price to the Dealers and will
receive an initial delivery of approximately 37.8 million shares of
the Company's common stock, with any remaining shares expected to
be delivered by the end of the Company's third fiscal quarter of
2022. The final number of shares to be repurchased will be based on
the volume-weighted average price of the Company's common stock
during the terms of the ASRs less a discount.
"This significant buyback is an important demonstration of our
conviction in our strategy and our commitment to delivering
shareholder value through disciplined capital allocation," said
Ned Segal, Twitter's CFO. "Buying
$2 billion of our shares in the near
term, with flexibility to buy another $2
billion over time, enables us to balance our long-term
strategy with returning capital to shareholders."
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains
forward-looking statements that involve a number of risks and
uncertainties. Twitter cautions readers that any forward-looking
information is not a guarantee of future performance and that
actual results could differ materially from those contained in the
forward-looking information. These statements include, but are not
limited to, statements about Twitter's long-term opportunity and
the expected completion date of the ASR. Forward-looking statements
involve a number of risks, uncertainties or other factors beyond
our control. These factors include, but are not limited to, our
ability to implement our strategic initiatives, economic, political
and market conditions and fluctuations, government and industry
regulation, interest rate risk, U.S. and global competition, and
other factors detailed in our filings with the U.S. Securities and
Exchange Commission, including our annual reports on Form 10-K and
quarterly reports on Form 10-Q, which are available on the SEC's
website at www.sec.gov. Twitter undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events or otherwise.
About Twitter, Inc
Twitter (NYSE: TWTR) is what's happening and what people are
talking about right now. To learn more, visit about.twitter.com and
follow @Twitter. Let's talk.
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Investors:
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SOURCE Twitter, Inc.