ZipRecruiter announced that it has entered into an accelerated share repurchase agreement with Wells Fargo Bank, National Association, to repurchase $50M of ZipRecruiter’s common stock. Under the ASR, ZipRecruiter will make an initial payment of $50M to Wells Fargo Bank, National Association, and will receive an initial delivery of approximately 2.6M shares of its common stock on December 16. The final number of shares to be repurchased will be based on the volume-weighted average price of ZipRecruiter’s common stock during the term of the ASR, less a discount. The final settlement of the ASR is expected to occur by the first quarter of 2023. The ASR transaction will be effectuated pursuant to ZipRecruiter’s previously announced $450M share repurchase program. As of December 15, approximately $160.7M remained available for future repurchases under this program and approximately $110.7M will remain available after completion of the ASR. There is no expiration date for the share repurchase program, and it will continue until otherwise suspended, terminated or modified at any time for any reason by ZipRecruiter’s board of directors.
Published first on TheFly
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