Energy Services of America (the “Company” or “Energy Services”) (NASDAQ:ESOA), announced that the Company’s Board of Directors (the “Board”) authorized a share repurchase program (the “Share Repurchase Program” or “Program”), pursuant to which the Company may, from time to time, purchase shares of its common stock for an aggregate repurchase not to exceed 1,000,000 shares, which is approximately 6.0% of its outstanding common stock. The Program has no expiration date and will begin after the Company’s next earnings release in August 2022.
The Share Repurchase Program will permit shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission (“SEC”) and other applicable legal requirements. The Share Repurchase Program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.
Douglas Reynolds, President, commented on the announcement. “This Program demonstrates the Board’s confidence in our Company’s financial position and our commitment to maximizing value for our shareholders. It also reinforces the confidence that we have in our long-term growth plans and earnings potential.”
