UPDATE: The Beauty Health Company (SKIN) Jumps On $200m Share Repurchase Program
- Futures fall on growing fears of recession
- MongoDB (MDB) skyrockets after crushing results, guidance estimates; analysts buoyed
- China eases COVID quarantine rules in major policy adjustment
- Bernstein's Sacconaghi cuts Tesla (TSLA) estimates to 'significantly' below consensus on EV demand issues
- Apple (AAPL): Morgan Stanley cuts iPhone estimates again, expects revenue miss
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - September 27, 2022 2:58 PM EDT)
Shares of The Beauty Health Company (NASDAQ: SKIN) jumped Tuesday after the company announced it has authorized a share repurchase program of up to $200 million.
At the time of writing, its shares are up 12.7% at $11.72 after hitting a high of $12.33 earlier in the session.
Of the $200 million repurchase program, $100 million is for an accelerated repurchase agreement.
In addition, under the accelerated program, The Beauty Health Company will acquire approximately 7.7 million shares of common stock on September 29, or this Thursday.
“In alignment with the Board of Directors, we believe that BeautyHealth stock is trading at levels that make a repurchase prudent at this time," commented BeautyHealth President and Chief Executive Officer Andrew Stanleick. "This buyback demonstrates our conviction in the long-term strategy and growth outlook of BeautyHealth. We are committed to creating value for shareholders through disciplined capital allocation, and we remain in a strong cash position to pursue M&A.”
By Sam Boughedda
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Triumph Bancorp (TFIN) Announces Preliminary Results of Modified "Dutch auction" Tender Offer
- Farmland Partners (FPI) Re-enters Texas Farmland Market, Purchases 3,843 Acres
- OLB Group (OLB) Initiates Execution of Authorized Stock Buyback Program Up to One Million Shares
Create E-mail Alert Related CategoriesCorporate News, General News, Hot List, Stock Buybacks
Related EntitiesStock Buyback, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!