TORRANCE, Calif., Jan. 22,
2024 /PRNewswire/
-- CarParts.com, Inc. (NASDAQ: PRTS), a leading
online retailer of automotive parts and accessories, today
announced its Board of Directors has approved the extension of the
Company's current $30 million stock
repurchase plan (the "Repurchase Plan") to July 26, 2026. The Repurchase Plan was originally
set to expire on July 26, 2024. The
Company believes this extension supports planned approaches to
capital deployment to create long-term value for stockholders
through share repurchases and future strategic acquisitions. The
Company currently has approximately $25.2
million available for repurchase under the Repurchase
Plan.
The shares may be repurchased from time to time in open market
transactions at prevailing market prices, or by other means in
accordance with federal securities laws.The actual timing, number,
and value of common shares repurchased under the Repurchase Plan
will be determined by management in its discretion and will depend
on a number of factors, including, among others, general market and
business conditions, the trading price of common shares, and
applicable legal requirements. The Company has no obligation to
repurchase any common shares under the authorization, and the
Repurchase Plan may be suspended, discontinued, or modified at any
time for any reason.
The Company had 57,498,607 shares of common stock outstanding as
of October 23, 2023, as reported in
the Company's quarterly report on Form 10-Q for the quarterly
period ended September 30, 2023.
About CarParts.com, Inc.
CarParts.com is the leading destination for vehicle care,
maintenance, and accessories. Our easy-to-use, mobile-friendly
website and app allow drivers to access quality parts and services
without the guesswork typically associated with car repair or the
added expense of brick-and-mortar stores. Our company-operated
fulfillment network allows us to quickly deliver the quality parts
from top brands to our customers nationwide. At CarParts.com, our
global team is dedicated to removing the friction from our
customers' vehicle care and Empowering Drivers Along Their
Journey.
CarParts.com is headquartered in Torrance, California.
Safe Harbor Statement
This press release contains statements which are based
on management's current expectations, estimates and projections
about the Company's business and its industry, as well as certain
assumptions made by the Company. These statements are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended
and Section 27A of the Securities Act of 1933, as amended.
Words such as "anticipates," "could," "expects," "intends,"
"plans," "potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include,
but are not limited to, statements regarding repurchase activity
under the Company's Repurchase Plan. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason. These statements are not guarantees of future performance
and are subject to certain risks, uncertainties and assumptions
that are difficult to predict. Therefore, our actual results
could differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors.
Important factors that may cause such a difference include,
but are not limited to, competitive pressures, the Company's
dependence on search engines to attract customers, demand for the
Company's products, the online market and channel mix for
aftermarket auto parts, the economy in general, increases in
commodity and component pricing that would increase the Company's
product costs, the operating restrictions in its credit agreement,
the weather and any other factors discussed in the Company's
filings with the Securities and Exchange Commission (the "SEC"),
including the Risk Factors contained in the Company's Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q, which
are available at www.carparts.com/investor and the SEC's
website at www.sec.gov. You are urged to consider these
factors carefully in evaluating the forward-looking statements in
this release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by
law, the Company expressly disclaims any obligation to update
publicly any forward-looking statements, whether as result of new
information, future events or otherwise.
Media Relations:
Tina Mirfarsi
tina@carparts.com
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SOURCE CarParts.com, Inc.