ON24, a leading cloud-based hybrid engagement platform, announced that its Board of Directors has authorized a share repurchase program where ON24 may purchase up to $50 million of its common stock.
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“This share repurchase program reflects our confidence in ON24’s long-term growth potential and strategy, which we believe is not reflected at the current market valuation. Our strong balance sheet allows us to implement this repurchase program as we continue to invest and build our platform for the future, as well as maintain flexibility to pursue new strategic opportunities,” said Sharat Sharan, CEO of ON24.
Under the repurchase program, ON24 may purchase shares of common stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The repurchase program has an 18-month term and ON24 expects repurchases under the program to extend over multiple quarters.
The timing and number of shares repurchased under the program will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The repurchase program does not obligate ON24 to acquire any particular amount of common stock and may be modified, suspended, or discontinued at any time at the company’s discretion.
Repurchases under this program will be funded from the company’s existing cash and cash equivalents or future cash flow. As of September 30, 2021, ON24 had $399.7 million in cash, cash equivalents, and marketable securities.
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