The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (NASDAQ:STKS) today announced that its Board of Directors has authorized the commencement of a share repurchase program for up to $10 million of its outstanding common stock.
“We have the strategies in place to be a differentiated leader in the upscale and polished casual segments and are highly confident in our long-term growth opportunities,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group. “This $10 million repurchase authorization enhances our ability to create value for shareholders and is made possible by our balance sheet strength and commitment to disciplined capital allocation.”
The shares may be repurchased on the open market, in privately negotiated transactions, or otherwise in accordance with applicable federal securities laws. The specific timing and amount of future repurchases will be determined by market conditions, cash flow requirements, securities law limitations, and other factors. Repurchases may continue from time to time, as conditions permit, until the number of shares authorized to be repurchased have been acquired, or until the authorization to repurchase is terminated or expires, whichever occurs first.
The share repurchase authorization will be used at management’s discretion and will expire in two years, unless further extended by the Board of Directors. The repurchase program may also be suspended, modified, or discontinued at any time.
