MINNEAPOLIS--(BUSINESS WIRE)--
Piper Sandler Companies (NYSE: PIPR), a leading investment bank, announced today that its board of directors has authorized the repurchase of up to $150 million of the company's outstanding common stock. The share repurchase program will be used as part of the company’s capital allocation strategy, which includes returning capital to its shareholders, and to offset the dilutive effect of employee equity-based compensation. The authorization becomes effective on January 1, 2022. The company’s previous $150 million repurchase authorization expires on December 31, 2021. The new $150 million authorization will expire on December 31, 2023. As of October 29, 2019, the company had 17,878,195 shares of common stock outstanding.
Cautionary Note Regarding Forward-Looking Information
This announcement contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about our share repurchase plans, our liquidity and capital resources or other similar matters. These statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements, including (1) our ability to effect the repurchase program depends in part upon our results of operations and profitability and may be impacted by negative operating conditions, (2) an inability to access capital readily or on terms favorable to us could impair our ability to effect the repurchase program, and (3) other factors identified under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020, and updated in our subsequent reports filed with the SEC. These reports are available at www.pipersandler.com or www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.
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