Polished.com Inc (POLCQ)

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1847 Goedeker Inc. Announces Share Repurchase Program
December 21 2021 - 08:30AM

1847 Goedeker Inc. (NYSE American: GOED) (“Goedeker” or the “Company”), one of the largest specialty ecommerce players in the U.S. household appliances market, today announced that its Board of Directors (the “Board”) authorized a new share repurchase program under which the Company may repurchase up to $25 million of its outstanding shares of common stock in the open market, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company’s decision to repurchase its shares, as well as the timing of such repurchases, will depend on a variety of factors that include ongoing assessments of the Company’s capital needs, obtaining requisite senior lender consent, market conditions and the price of the Company’s common stock, and other corporate considerations, as determined by management. The repurchase program may be suspended or discontinued at any time.

Albert Fouerti, Chief Executive Officer and Director, commented:

“Now that we have begun implementing a clear strategy focused on ecommerce growth, our leadership has been able to establish an accretive capital allocation philosophy. In addition to prioritizing investments in talent, technology and our fulfillment capabilities, we want to be able to buy back shares when our own financial position and market conditions permit. The Company’s decision to authorize a share repurchase program at this time should signal the conviction that our Board and management have in the Company’s strategy. While our primary emphasis will remain on building a long-term foundation for a category-leading business, we intend to be decisive when there are opportunities to enhance stockholder value and make good on our commitment to strengthen the Company’s capital structure. I am confident in this approach as a sizable stockholder and given my family’s sizable holdings.”