Silo Pharma Announces Stock Repurchase Program
January 31 2023 - 6:45AM
Silo Pharma, Inc. (Nasdaq: SILO) (“the
Company”), a developmental stage biopharmaceutical company
focused on merging traditional therapeutics with psychedelic
research, today announced that its board of directors has
authorized a share repurchase program to acquire up to $1,000,000
of the Company's common stock. The Company may purchase common
stock in the open market, through privately negotiated
transactions, or otherwise, in compliance with the rules of the
United States Securities and Exchange Commission and other
applicable legal requirements. The Company had approximately
3,138,797 million shares of common stock outstanding as of November
10, 2022, as reported in its Quarterly Report for the period ended
September 30, 2022.
“The current capital market conditions allow us to capture
additional value for all shareholders through this measured buyback
program. Our Board of Directors and executive management team
remain committed to delivering value to our shareholders,” said
Eric Weisblum, Chief Executive Officer.
The timing, the number of shares repurchased, and prices paid
for the stock under this program will depend on available
liquidity, cash flows and market conditions as well as corporate
and regulatory limitations, including blackout period restrictions.
The repurchase program does not obligate the Company to acquire any
particular amount of shares, and the repurchase program may be
suspended or discontinued at any time at the Company's
discretion.
About Silo PharmaSilo Pharma. Inc. is a
development-stage biopharmaceutical company focused on merging
traditional therapeutics with psychedelic research for people
suffering from indications such as PTSD, Alzheimer’s disease, and
other rare neurological disorders. Silo’s mission is to identify
assets to license and fund the research which we believe will be
transformative to the well-being of patients and the healthcare
industry. For more information, visit www.silopharma.com.
Forward-Looking StatementsAll statements other
than statements of historical fact in this announcement are
forward-looking statements that involve known and unknown risks and
uncertainties and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy, and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's filings with the SEC.
Contact 800-705-0120investors@silopharma.com
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