HCMC: Stock repurchase
HOLLYWOOD, FL , Oct. 25, 2022 (GLOBE NEWSWIRE) -- Healthier Choices Management Corp. (OTC Pink: HCMC) today announced that its Board of Directors has authorized the commencement of its common stock repurchase program.
The Board has authorized aggregate common stock repurchases of up to $5 million . HCMC may purchase shares on a discretionary basis from time to time through open market purchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans. The timing and amount of the repurchase transactions will be subject to the discretion of HCMC based upon market conditions and other opportunities that HCMC may have for the use or investment of its cash balances. The repurchase program has no expiration date, does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. The number of shares to be purchased and the timing of purchases will be based on the Company's trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions and alternative investment opportunities.
Jeffrey Holman , Chief Executive Officer of HCMC, said, "We believe our shares are currently undervalued and based on the strength of our balance sheet, coupled with our long-term outlook, an opportunity exists to create value for our shareholders while continuing to invest in our key value-driving strategies."
Mr. Holman concluded, "We continue to believe that we are making the necessary investments through acquisitions and changes to position our business for the long-term. As we cycle these investments and changes, we expect revenues to increase, operating margins to expand, and to generate free cash flow in 2023. We are confident that our choices will prove to be the right ones, driving long-term sustainable growth, improved returns on capital, and shareholder value."
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