Progyny, Inc. Announces Additional Share Repurchase Program
Rhea-AI Summary
Progyny (Nasdaq: PGNY) announced a new share repurchase program to buy back up to $100 million of its common stock. This follows a previous program announced on February 29, 2024. The repurchase will be funded via existing cash balances and carried out through open market transactions, which may include Rule 10b5-1 plans under the Securities Exchange Act of 1934. The program's execution will depend on various factors such as stock price and market conditions. The company has the discretion to suspend or discontinue the program at any time, with no guaranteed amount of shares to be repurchased or specific prices disclosed.
Positive
- Up to $100 million allocated for share repurchase.
- Repurchase program to be funded through available cash balances.
- Flexibility in execution, with the option to use Rule 10b5-1 plans.
Negative
- No guarantee on the number of shares to be repurchased.
- Uncertainty on the prices at which shares will be bought.
- Program may be suspended or discontinued at any time.
News Market Reaction
On the day this news was published, PGNY gained 1.53%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, May 22, 2024 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a transformative fertility, family building, and women’s health benefits solution, announced today that its Board of Directors has approved a share repurchase program to repurchase up to
Shares may be repurchased through open market repurchases, including through plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, depending on stock price, market conditions and other factors deemed relevant in the Company’s sole discretion. The program may be suspended or discontinued at any time. There can be no assurances as to how many shares the Company will repurchase, if any, or at what prices any purchases will be made.
About Progyny
Progyny (Nasdaq: PGNY) is a transformative fertility, family building and women’s health benefits solution, trusted by the nation’s leading employers, health plans and benefit purchasers. We envision a world where everyone can realize their dreams of family and ideal health. Our outcomes prove that comprehensive, inclusive and intentionally designed solutions simultaneously benefit employers, patients and physicians.
Our benefits solution empowers patients with concierge support, coaching, education, and digital tools; provides access to a premier network of fertility and women's health specialists who use the latest science and technologies; drives optimal clinical outcomes; and reduces healthcare costs.
Headquartered in New York City, Progyny has been recognized for its leadership and growth by CNBC Disruptor 50, Modern Healthcare’s Best Places to Work in Healthcare, Forbes’ Best Employers, Financial Times, Inc. 5000, Inc. Power Partners, and Crain’s Fast 50 for NYC. For more information, visit www.progyny.com.
For Further Information, Please Contact:
Investors:
James Hart
investors@progyny.com
Media:
Selena Yang
media@progyny.com
FAQ
What is the new share repurchase program announced by Progyny in May 2024?
How will Progyny fund the new share repurchase program in 2024?
When was Progyny's previous share repurchase program announced?
Under what conditions will Progyny repurchase shares?
Can Progyny suspend or discontinue the share repurchase program?
Will Progyny disclose the number of shares to be repurchased or the prices?
