Actionable news
All posts from Actionable news
Actionable news in PMTS: CPI CARD GROUP Inc,

CPI Card Group Announces $20 Million Stock Repurchase Program

LITTLETON, Colo., May 11, 2016 (BUSINESS WIRE) -- CPI Card Group PMTS, -2.30% (PNT) (“CPI Card Group” or the “Company”), a global leader in financial and EMV® chip card production and related services, today announced that its Board of Directors (the “Board”) has approved a stock repurchase program that authorizes repurchases of $20 million of its common stock, up to a maximum of 2,827,105 common shares of the Company over the next twelve months.

Under the stock repurchase program, the Company may repurchase its common stock from time to time, in amounts, and at such times as the Company deems appropriate, subject to market conditions and other considerations. In accordance with applicable laws, the Company will acquire the common stock at market price on the date of the acquisition. The Company’s repurchases may be executed using open market purchases, privately negotiated transactions, accelerated share repurchase programs or other transactions, any of which may be enacted immediately following the Board’s approval of the stock repurchase program. The Company intends to fund repurchases under the stock repurchase program from cash on hand and available borrowings under its existing credit facility, as necessary.

The repurchase program will commence on or after May 17, 2016 and will expire on or before May 16, 2017. The Company is not obligated to purchase any specific number of shares under its stock repurchase program, and the stock repurchase program may be suspended or discontinued at any time without prior notice.

About CPI Card Group
CPI Card Group is a leading provider in payment card production and related services, offering a single source for financial and prepaid debit cards including EMV chip, personalization, instant...