Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

DocGo announces $36 million share buyback program

EditorEmilio Ghigini
Published 31/01/2024, 13:16
© Reuters.
DCGO
-

NEW YORK - DocGo Inc. (NASDAQ: DCGO), a provider of mobile health services, has initiated a new stock repurchase program, as confirmed by the company's Board of Directors. The program authorizes the repurchase of up to $36M of its common stock over a six-month period, concluding on July 30, 2024.

This buyback plan follows the expiration of the previous authorization on November 24, 2023. The amount approved corresponds to roughly 10% of the company's outstanding shares, based on the current share price at the time of the authorization. However, the actual number of shares repurchased will depend on market conditions and share price at the time of purchase.

Lee Bienstock, CEO of DocGo, expressed confidence in the company's performance and future potential, citing the share price decline as not indicative of the company's value. He stated that the repurchase is seen as a strategic use of capital to enhance shareholder value.

DocGo may carry out the repurchase through open market transactions, private negotiations, or other methods such as Rule 10b5-1 trading plans or accelerated share repurchase programs, provided it is not in possession of material non-public information.

The company's CFO, Norm Rosenberg, indicated that the buyback is set to begin after the current blackout period ends in early March, subject to market conditions. Rosenberg emphasized the commitment to aggressively monitor and evaluate opportunities to deliver long-term shareholder value.

The timing and volume of shares repurchased will be influenced by several factors, including stock price, trading volume, and other business considerations. The program may be altered, paused, or terminated without prior notification.

Funding for the repurchase may come from DocGo's available cash, future cash flow, or debt financing options.

The information disclosed here is based on a press release statement from DocGo Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.