UPDATE: MobileIron (MOBL) Reports $25M Share Buyback Plan

MobileIron (NASDAQ: MOBL), the secure foundation for modern work, today announced that its Board of Directors has authorized the repurchase of up to an aggregate of $25 million of its common stock through October 2020, unless extended or shortened by the Board of Directors.

“We continue to improve the performance of the business and that is showing in our financial results. We have strengthened our cash and equivalents balance by more than $20 million in the last year and expect to continue to generate cash going forward,” said Simon Biddiscombe, CEO, MobileIron. “With strong growth prospects and a solid balance sheet, this stock repurchase program reflects our confidence in MobileIron’s long-term growth strategy and allows us to provide increased value to shareholders.”

Any repurchases would be made in the open market, in privately negotiated transactions, and may be made from time to time or in one or more larger repurchases. The program will be conducted in compliance with the Securities and Exchange Commission's Rule 10b-18 and applicable legal requirements. The amount and timing of any repurchases made under the repurchase program will depend on a variety of factors, including available liquidity, cash flow and market conditions.

The Company expects to fund the program using the Company's cash on hand and cash generated from operations. The program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time at the Company's discretion.

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