Safe Pro Group authorizes $3 million share repurchase program

Safe Pro Group Inc. (NASDAQ: SPAI) announced that its board of directors has authorized a share repurchase program of up to $3 million of the company's outstanding common stock over the next year, according to a company statement.

The AI-enabled defense and security solutions developer based in Aventura, Florida, said the program allows for share repurchases based on market conditions, share price, corporate and regulatory considerations, and other factors. Repurchases may be executed through open-market purchases, privately negotiated transactions, or other permitted methods.

"This authorization reflects our confidence in Safe Pro's long-term growth trajectory and the intrinsic value of our business," said Dan Erdberg, chairman and chief executive officer of Safe Pro Group. "We remain focused on executing our strategy, supporting our customers, and investing in our AI technology platform, while also returning capital to shareholders when we believe it is prudent to do so."

The company stated the repurchase program will be funded from existing cash and cash equivalents and future cash flows while maintaining financial flexibility for growth initiatives and strategic opportunities. The authorization does not require the company to repurchase any specific number of shares and may be modified, suspended, or discontinued at any time.

Safe Pro Group develops AI solutions for drone imagery processing, using commercially available drones with proprietary machine learning and computer vision technology for explosive threat identification. The company's platform operates on Amazon Web Services and targets commercial, government, law enforcement, and humanitarian sectors.

You May Also Be Interested In

• Genworth Financial adds $500M to share repurchase program
• DEFSEC Technologies (DFSC) files for 4.05M share offering by selling stockholders
• Ferrari completes €250M buyback tranche, launches third