GreenBox POS (GBOX) Announces Board Approval of Share Buyback Program

May 13, 2021 4:33 PM EDT

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GreenBox POS (NASDAQ: GBOX) ("GreenBox" or the "Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions today announced the Board of Directors has approved a share buyback program. Under the program, share buybacks may be made from time-to-time in the open market and negotiated purchases. Each buyback round will require additional Board consent. The Company has opened and prefunded a brokerage account.

GreenBox Chairman Ben Errez commented, "We believe the current market value of our shares does not accurately reflect the value of the Company and opportunities in front of us. We see a share buyback program as an attractive method to deploy capital in a manner beneficial to shareholders and will look to make selective purchases moving forward."

These buybacks will be made in compliance with the SEC's Rule 10b-18, subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. The specific prices, numbers of shares and timing of purchase transactions will be determined by the Company from time to time in its sole discretion. This program does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at any time, including in the event the Company would be deemed to be making an acquisition of its own shares under Rule 13e-3 of the Securities Exchange Act of 1934, as amended.

The Company expects to finance the purchases with existing cash balances, which is not expected to have a material impact on capital levels.

GreenBox had approximately 41.1 million shares outstanding as of May 6, 2021.

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