Ibotta Announces $100 Million Share Repurchase Program

Rhea-AI Summary

Ibotta (NYSE: IBTA), a leading digital promotions and performance marketing solutions provider, has announced a $100 million share repurchase program. The program, approved by the company's Board of Directors, allows for the repurchase of Ibotta's Class A common stock with no expiration date. Repurchases may be made through open market transactions or privately negotiated deals, subject to market conditions and legal requirements. The company may also enter into Rule 10b5-1 plans to facilitate repurchases. Ibotta is not obligated to acquire any specific amount of shares and can suspend or terminate the program at any time. The timing and number of shares repurchased will depend on factors such as price, market conditions, and alternative investment opportunities.

Positive

• Authorization to repurchase up to $100 million of Class A common stock
• Flexibility in repurchase methods (open market, private negotiations)
• No expiration date on the share repurchase program
• Potential to increase shareholder value through stock buybacks

Negative

• No guarantee of actual share repurchases
• Potential reduction in cash reserves for other investments or operations

DENVER, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Ibotta, Inc. (NYSE: IBTA), the leading technology company providing digital promotions and performance marketing solutions, announced today that its Board of Directors has approved a share repurchase program, with authorization to purchase up to an aggregate of $100 million of the Company’s Class A common stock (the “Share Repurchase Program”). The Share Repurchase Program has no expiration date. Repurchases under the Share Repurchase Program may be made from time to time through open market repurchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares of its Class A common stock under this authorization. The Company is not obligated under the Share Repurchase Program to acquire any particular amount of Class A common stock, and the Company may terminate or suspend the Share Repurchase Program at any time. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.

Forward-Looking Statements

This press release contains “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. Any statements relating to expectations concerning matters that are not historical facts may constitute forward-looking statements. When words such as “believe,” “expect,” “anticipate,” “will”, “outlook” or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company’s relatively limited operating history, which makes it difficult to evaluate the Company’s business and prospects, the demands and expectations of clients and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These and other factors are disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof, except as required by law.

About Ibotta ("I bought a...")
Ibotta (NYSE: IBTA) is the leading provider of digital promotions for CPG brands, reaching over 200 million consumers through a network of publishers called the Ibotta Performance Network (IPN). The IPN allows marketers to influence what people buy, and where and how often they shop – all while paying only when their campaigns directly result in a sale. American shoppers have earned over $2 billion through the IPN since 2012. Ibotta is headquartered in Denver, and has been listed as a top place to work by The Denver Post and Inc. Magazine.

Contact

Corporate Communications
Hilary O’Byrne, hilary.obyrne@ibotta.com

Investor Relations
Shalin Patel, shalin.patel@ibotta.com

FAQ

What is the size of Ibotta's share repurchase program announced on August 22, 2024?

Ibotta announced a $100 million share repurchase program for its Class A common stock on August 22, 2024.

Does Ibotta's share repurchase program have an expiration date?

No, Ibotta's $100 million share repurchase program does not have an expiration date.

How will Ibotta (IBTA) conduct the share repurchases?

Ibotta may conduct share repurchases through open market transactions, privately negotiated deals, and potentially through Rule 10b5-1 plans.

Is Ibotta (IBTA) obligated to repurchase a specific amount of shares?

No, Ibotta is not obligated to acquire any particular amount of Class A common stock under the share repurchase program.

Can Ibotta suspend or terminate the $100 million share repurchase program?

Yes, Ibotta can suspend or terminate the $100 million share repurchase program at any time.