IRVING, TX / September 6, 2023 / Envela Corporation (NYSE American:ELA) (“Envela” or the “Company”) today announced an update on its stock-repurchase program.
Through September 5, 2023, the Company has spent more than $1.3M to purchase 224,631 of the 1,000,000 shares of common stock authorized for repurchase under its current repurchase program. The Company has the option to purchase the remaining 775,369 shares at any time prior to the program’s March 31, 2023, expiration.
Under this program, the Company may repurchase shares of its common stock on the open market in accordance with applicable securities laws and regulations, including Rule 10b5-1. The manner, timing and amount of any stock repurchases will be determined by the Company based on its evaluation of various factors, including its assessment of alternative uses of capital, the stock’s trading price, general market and economic conditions, regulatory requirements, and other business and legal considerations. The repurchase program does not obligate the Company to acquire any of its stock, or to do so on any specific schedule. And the program may be suspended or discontinued at any time at the Company’s discretion.
Envela is a leading provider of re-commerce services at the forefront of the circular economy. The Company is comprised primarily of two key business segments: Consumer and Commercial. The Consumer segment operates retail stores and online sites that offer premium brands and luxury hard assets, while the Commercial segment provides personalized re-commerce solutions to meet the needs of various clients, including Fortune 500 companies. At Envela, we execute with passion and meticulous attention to detail, focusing on what we do best.
This press release includes statements that may constitute “forward-looking” statements, including statements regarding potential stock repurchases, acquisitions, financial outlook, and the potential future success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
1901 Gateway Drive | Irving, TX 75038
SOURCE: Envela Corporation
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