nCino board authorizes $100 million stock repurchase program

nCino Inc. (NASDAQ: NCNO) announced that its board of directors has authorized a stock repurchase program allowing the company to buy back up to $100 million of its outstanding common stock.

The banking software provider stated that its previous stock repurchase authorization has been fully utilized. Chief Executive Officer Sean Desmond said the new buyback program reflects confidence in the company's business strength, strategy and outlook.

Under the program, nCino may conduct repurchases through various methods including open market purchases, block trades, privately negotiated transactions, accelerated stock repurchase transactions or other means. Open market repurchases will comply with federal securities laws, and the company may enter into Rule 10b5-1 plans to facilitate purchases.

The repurchase program carries no specific repurchase obligations, time limits or requirements. The volume, price, timing and manner of any buybacks will be determined at the company's discretion based on market conditions, capital management needs, business conditions, investment opportunities and regulatory requirements. The board may modify, suspend or discontinue the program at any time without notice.

nCino expects to fund the repurchase program using existing cash and cash equivalents, credit facility capacity and future cash flows. The company provides banking software solutions to over 2,700 customers worldwide, including community banks, credit unions, mortgage banks and large financial institutions.

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