Stamps.com to repurchase up to $60 million of company stock
Online-postage company Stamps.com has announced a new share repurchase plan that will take effect March 14, 2019 and authorises the Company to repurchase up to $60 million of stock over the six months following its effective date.
Last month Post & Parcel reported that the company’s shares plummeted nearly 50% after executives announced the end of an exclusive deal with the U.S. Postal Service.
Stamps.com offers solutions that help businesses run their shipping operations more smoothly and function more successfully under the brand names Stamps.com, Endicia, ShipStation, ShipWorks, ShippingEasy and MetaPack. Stamps.com’s family of brands provides seamless access to mailing and shipping services through integrations with more than 500 unique partner applications.
The timing of share repurchases, if any, and the number of shares to be bought at any one time will depend on factors including market conditions and the Company’s compliance with the covenants in its Credit Agreement. The Company’s purchase of any of its shares may be subject to limitations imposed on such purchases by applicable securities laws and regulations and the rules of the Nasdaq Stock Market.