1stDibs Announces Completion of $25.2 million Share Repurchase Program
10 Juni 2024 - 3:00PM
Business Wire
1stdibs.com, Inc. (Nasdaq: DIBS), a leading marketplace for
extraordinary design, today announced the successful completion of
its share repurchase program in which the Company repurchased
approximately 4.9 million shares at an average per share price of
$5.12 for a total of $25.2 million. This total includes
approximately 3.0 million shares repurchased from Insight Partners
at an average price per share of $5.23 in a privately-negotiated
transaction.
“We are pleased to announce the successful completion of our
share repurchase program,” said David Rosenblatt, 1stDibs Chief
Executive Officer. “By buying back shares at prices that reflect a
significant discount both to the market and to our assessment of
intrinsic value, we have enhanced shareholder value as we work
towards achieving profitability. This share repurchase program
reduced our outstanding share count while maintaining our strong
cash position, situating us well for future growth.”
About 1stDibs: 1stDibs is a leading online marketplace for
connecting design lovers with highly coveted sellers and makers of
vintage, antique, and contemporary furniture, home décor, art,
jewelry, watches and fashion.
Forward-Looking Statements
This Press Release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, included or incorporated
by reference in this Press Release are forward-looking statements.
These forward-looking statements may be identified by terms such as
“accelerate,” “anticipate,” “believe,” “can,” “contemplate,”
“continue,” “could,” “demand,” “estimate,” “expand,” “expect,”
“focus,” “intend,” “may,” “might,” “objective,” “ongoing,”
“opportunity,” “outlook,” “plan,” “potential,” “predict,”
“progress,” “project,” “should,” “target,” “will,” “would,” or the
negative of these terms, or other comparable terminology or similar
expressions, although not all forward-looking statements may
contain such terms. These forward-looking statements include,
without limitation, statements regarding the share repurchase
program’s effect on the Company’s future growth, and the Company’s
work towards achieving profitability. These forward-looking
statements are based on the Company’s current expectations and
projections about future events and various assumptions, and are
not a guarantee that the Company will actually achieve the results,
objectives, intentions, or expectations disclosed in the
forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties or other assumptions,
many of which are beyond the Company’s control, that may cause
actual results to differ materially from those expressed or implied
by these forward-looking statements. These risks and uncertainties
include but are not limited, those related to the Company’s
liquidity position and financial performance and macroeconomic
conditions or geopolitical events or similar risks which may impact
the Company’s performance. These forward-looking statements are
also subject generally to other risks and uncertainties that are
described from time to time in the Company’s filings with the
Securities and Exchange Commission, including under Item 1A, “Risk
Factors” in the Company’s most recent Annual Report on Form 10-K,
and as revised and updated by the Company’s Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. Accordingly, you should
not place undue reliance on such forward-looking statements. These
forward-looking statements are made as of the date of this Press
Release and, except as may be required by law, the Company
undertakes no obligation to update them, whether as a result of new
information, developments, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240610436196/en/
Investor Relations Contact: Kevin LaBuz, Head of Investor
Relations & Corporate Development investors@1stdibs.com
Media Contact: Jennifer Miller jennifer.miller@1stdibs.com
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