ARKO Corp. Increases its Original Share Repurchase Program From $50 Million to $100 Million as ARKO Continues to Have Strong Fundamentals, Liquidity, and Growth Prospects
16 Mai 2023 - 1:00PM
ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500
company and one of the largest convenience store operators in the
United States, today announced that its Board of Directors
increased the Company’s previously authorized share repurchase
program by an additional $50 million. The Company now has
availability to repurchase up to an aggregate amount of
approximately $59 million of the Company’s outstanding shares of
common stock under this newly expanded repurchase plan.
“We believe that repurchasing our shares is a compelling use of
our capital resources,” said Arie Kotler, Chairman, President, and
Chief Executive Officer of ARKO. “We are encouraged by the traction
of our initiatives and progress of our merchandise and fuel
strategy to maximize gross profit dollars, and we remain confident
in the continued growth of our business. Our last quarter results
were strong, as we continued to deliver robust in-store performance
as a result of our focus on our key initiatives. We remain deeply
committed to maximizing stockholder value creation, and this
increase of our repurchase program is aligned with ARKO’s capital
allocation framework ensuring that in addition to growth through
M&A and organic initiatives, we also return capital to our
stockholders through our share repurchase program.”
The share repurchase program does not have a stated expiration
date, and repurchases, if any, may be effected from time to time
through open market purchases, including pursuant to a pre-set
trading plan meeting the requirements of Rule 10b5-1(c) of the
Exchange Act of 1934, as amended, privately negotiated
transactions, pursuant to accelerated share repurchase agreements
entered into with one or more counterparties, or otherwise.
About ARKO Corp.
ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns
100% of GPM Investments, LLC and is one of the largest operators of
convenience stores and wholesalers of fuel in the United States.
Based in Richmond, VA, our highly recognizable family of community
brands offers delicious, prepared foods, beer, snacks, candy, hot
and cold beverages, and multiple popular quick serve restaurant
brands. Our high value fas REWARDS® loyalty program offers
exclusive savings on merchandise and gas. We operate in four
reportable segments: retail, which includes convenience stores
selling merchandise and fuel products to retail customers;
wholesale, which supplies fuel to independent dealers and
consignment agents; GPM Petroleum, which sells and supplies fuel to
our retail and wholesale sites and charges a fixed fee, primarily
to our fleet fueling sites; and fleet fueling, which includes the
operation of proprietary and third-party cardlock locations, and
issuance of proprietary fuel cards that provide customers access to
a nationwide network of fueling sites. To learn more about GPM
stores, visit: www.gpminvestments.com. To learn more about ARKO,
visit: www.arkocorp.com.
Forward-Looking Statements
This document includes certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may address, among other
things, the Company’s expected financial and operational results
and the related assumptions underlying its expected results. These
forward-looking statements are distinguished by use of words such
as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “will,” “would” and
the negative of these terms, and similar references to future
periods. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from these
expectations due to, among other things, changes in economic,
business and market conditions; the Company’s ability to maintain
the listing of its common stock and warrants on the Nasdaq Stock
Market; changes in its strategy, future operations, financial
position, estimated revenues and losses, projected costs, prospects
and plans; expansion plans and opportunities; changes in the
markets in which it competes; changes in applicable laws or
regulations, including those relating to environmental matters;
market conditions and global and economic factors beyond its
control; and the outcome of any known or unknown litigation and
regulatory proceedings. Detailed information about these factors
and additional important factors can be found in the documents that
the Company files with the Securities and Exchange Commission, such
as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements
speak only as of the date the statements were made. The Company
does not undertake an obligation to update forward-looking
information, except to the extent required by applicable law.
Media ContactAndrew PetroMatter on behalf of
ARKO(978) 518-4531apetro@matternow.com
Investor ContactRoss ParmanARKO
Corp.investors@gpminvestments.com
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