Limoneira (LMNR) Announces $30M Share Buyback

Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR) today announced that its board of directors approved a share repurchase authorization to repurchase up to $30 million of the Company’s outstanding common stock. The Company also announced today that it formally concluded its process to explore potential strategic alternatives that was previously announced on December 1, 2023. While this formal exploration process has concluded, Limoneira remains committed to executing its comprehensive strategic roadmap to create long-term stockholder value. As part of the Company’s normal course of business, Limoneira will continue to be opportunistic in evaluating potential strategic merger and acquisition opportunities, while also advancing its initiatives to monetize non-core assets.

Harold Edwards, President and Chief Executive Officer of Limoneira, stated, “The initiation of our share repurchase program reflects our board of directors’ strong confidence in our strategic direction and our conviction that our current share price significantly undervalues Limoneira’s substantial portfolio of opportunities. While we formally concluded our strategic alternatives exploration process, we remain firmly committed to our roadmap of creating stockholder value through multiple avenues: divesting non-core assets, advancing our real estate development initiatives, pursuing land use conversion opportunities, monetizing our valuable water resources, expanding our position as one of the largest avocado growers in the United States, and enhancing our citrus services business. These strategic priorities, combined with our share repurchase program, underscore our comprehensive approach to delivering significant value to our stockholders through both operational excellence and disciplined capital allocation.”

Repurchases of shares of common stock under the share repurchase program will be made in accordance with applicable securities laws and may be made under a variety of methods, which may include open market or in privately negotiated transactions. The share repurchase program may be modified, suspended or discontinued at any time and does not commit the Company to repurchase shares of the common stock. The extent to which the Company repurchases shares of common stock, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company.

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