- ARKO Corp (NASDAQ:ARKO) said its Board of Directors increased the company’s previously authorized share repurchase program by an additional $50 million.
- The company now has availability to repurchase up to an aggregate amount of approximately $59 million of shares under this newly expanded repurchase plan.
- The share repurchase program does not have a stated expiration date.
- “We believe that repurchasing our shares is a compelling use of our capital resources,” said chairman, president and CEO Arie Kotler.
- “We are encouraged by the traction of our initiatives and progress of our merchandise and fuel strategy to maximize gross profit dollars, and we remain confident in the continued growth of our business.”
- The company reported $2.1 billion revenue in the first quarter of FY23, a 5.9% increase Y/Y.
- Price Action: ARKO shares closed higher by 3.07% at $7.04 on Monday.
Why Enphase Energy Stock Is Down Today
According to an SEC filing, David Ranhoff notified Enphase on March 31 of his intention to step down from his position at the company, effective as of June 30, 2024. Mr. Ranhoff will transition from his current position to a part-time role as commercial advisor to help facilitate the transition of his responsibilities as well as support strategic commercial initiatives. Consistent with the Enphase's succession plan, Mr. Ranhoff's role will be fulfilled by two senior vice presidents.
