Bowlero Corp. Announces $200 million Share and Warrant Repurchase Program
07 Februar 2022 - 10:05PM
Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the
world’s largest owner and operator of bowling centers, today
announced that its board of directors has approved a repurchase
program for up to $200 million of its outstanding shares of Class A
common stock and warrants through February 3, 2024. Bowlero plans
to repurchase its shares or warrants either in the open market or
through privately negotiated transactions
.
“The authorization to buy back up to $200
million of its shares of Class A common stock and warrants provides
the Company with another mechanism to maximize long-term value for
our shareholders,” said Tom Shannon, Bowlero Corp’s Chairman and
CEO. “We remain confident in our strategy and believe that our
current stock price represents a significant discount to the
intrinsic value of the Company. We plan to continue to invest in
the acquisition, building and converting of bowling centers, and
the repurchase program announced today provides us with additional
flexibility to create long-term value for investors. We remain
committed to a disciplined capital allocation strategy, including
investments in our strategic priorities and return of capital to
our shareholders.”
Share and warrant repurchases and the timing
thereof will depend upon market conditions, corporate liquidity
requirements and priorities, debt agreement limitations and other
factors as may be considered in the Company’s sole discretion. The
share repurchase program does not obligate the Company to
repurchase any particular amount of Class A common stock or
warrants and may be suspended or discontinued at any time without
notice.
About Bowlero Corp.Bowlero
Corp. is the worldwide leader in bowling entertainment. With more
than 300 bowling centers across North America, Bowlero Corp. serves
more than 26 million guests each year through a family of brands
that includes Bowlero, Bowlmor Lanes, and AMF. Bowlero Corp. is
also home to the Professional Bowlers Association, which it
acquired in 2019 and which boasts thousands of members and millions
of fans across the globe. For more information on Bowlero Corp.,
please visit BowleroCorp.com.
Forward Looking Statements
Some of the statements contained in this press
release are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are generally identified by the use of
words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” “would” and, in each case,
their negative or other various or comparable terminology. These
forward-looking statements reflect our views with respect to future
events as of the date of this release and are based on our
management’s current expectations, estimates, forecasts,
projections, assumptions, beliefs and information. Although
management believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance
that these expectations will prove to have been correct. All such
forward-looking statements are subject to risks and uncertainties,
many of which are outside of our control, and could cause future
events or results to be materially different from those stated or
implied in this document. It is not possible to predict or identify
all such risks. These risks include, but are not limited to: the
impact of COVID-19 or other adverse public health developments on
our business; our ability to grow and manage growth profitably,
maintain relationships with customers, compete within our industry
and retain our key employees; changes in consumer preferences and
buying patterns; the possibility that we may be adversely affected
by other economic, business, and/or competitive factors; the risk
that the market for our entertainment offerings may not develop on
the timeframe or in the manner that we currently anticipate;
general economic conditions and uncertainties affecting markets in
which we operate and economic volatility that could adversely
impact our business, including the COVID-19 pandemic and other
factors described under the section titled “Risk Factors” in the
registration statement on Form S-1 filed with the U.S. Securities
and Exchange Commission (the “SEC”) by the Company, as well as
other filings that the Company will make, or has made, with the
SEC, such as Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. These factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in this press release
and in other filings. We expressly disclaim any obligation to
publicly update or review any forward-looking statements, whether
as a result of new information, future developments or otherwise,
except as required by applicable law.
Contacts:
For Media:Jillian LauferJLaufer@BowleroCorp.com
For Investors:ICR, Inc.Ryan LawrenceRyan.Lawrence@icrinc.com
Ashley DeSimoneAshley.desimone@icrinc.com
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