LegalZoom Announces Increase to its Existing Share Repurchase Authorization
May 22 2024 - 8:00AM
LegalZoom.com, Inc. (Nasdaq: LZ), the No. 1 choice in online small
business formations, today announced that its Board of Directors
has authorized an increase of $75 million to the Company’s existing
stock repurchase program, bringing the aggregate amount authorized
to $175 million. As of May 21, 2024, the Company has repurchased
approximately 5.9 million shares of its common stock under the
program at an average price of $10.10 per share for approximately
$59 million, leaving approximately $116 million available under the
repurchase authorization.
“Today’s announcement reflects our balanced capital allocation
strategy which is supported by our strong cash generation,” said
Dan Wernikoff, Chief Executive Officer of LegalZoom. “Our solid
financial position provides us the ability to balance investments
in our growth strategies, including long-term product development,
with shareholder returns.”
Repurchases pursuant to the Company’s stock repurchase program
may be made from time to time, based on market conditions, legal
requirements and other corporate considerations, through any
manner, including open market transactions, accelerated stock
repurchase agreements, or privately negotiated transactions with
third parties, and in such amounts as management deems appropriate.
The Company may also, from time to time, enter into Rule 10b5-1
plans to facilitate repurchases of its shares of common stock. The
stock repurchase program, which has no fixed expiration date, does
not obligate the Company to acquire any particular amount of common
stock and may be modified, suspended or terminated at any time at
the discretion of the Company’s Board of Directors.
About LegalZoomLegalZoom is the leading online
platform for business formation in the United States. Driven by a
mission to unleash entrepreneurship, LegalZoom delivers
comprehensive legal, tax and compliance products and expertise for
small business owners through easy-to-use technology. From free
business formations to business management solutions and
professional advisory services, LegalZoom supports millions of
small business owners and their families throughout the
entrepreneurial journey. Founded on the belief that everyone should
have affordable access to legal and financial expertise, LegalZoom
empowers entrepreneurs to make their dream a reality. To learn more
about LegalZoom, visit www.legalzoom.com.
Contact
investor@legalzoom.com
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