ON24 announced that its Board of Directors has declared a one-time, special cash dividend on the Company’s outstanding common shares of $1.09 per share, to all common shareholders of record as of the close of business on May 22, 2023, payable on or about June 15, 2023. The special cash dividend is expected to result in an aggregate distribution of approximately $50 million.
Also Read: Colangelo & Partners Announces Digital Team Reorganization, Expansion of Digital Services
Sharat Sharan, co-founder, CEO and director of ON24, said, “We are pleased to make this special cash distribution, which is a key component of our capital return program and reflects our strong financial position and confidence in ON24’s future. Following this special dividend, our cash balance will remain strong and, we believe, continue to afford us the flexibility to focus on growth and enhancing near-term value for our shareholders, while at the same time leaving ample liquidity to invest in strategic priorities and navigate through the current macro environment.”
The special cash dividend is part of the Company’s previously announced $125 million capital return program. As previously disclosed, the Company expects the remaining $75 million of capital return to be effected through a combination of an accelerated share repurchase program and/or open market purchases, to be completed in Q1 2024. Upon completion of the $125 million capital return program, ON24 will have returned $166 million of capital since December 2021.
The Company notes that its capital return authorization does not constitute a legal obligation to repurchase shares. The timing, number of shares repurchased, and prices paid for the repurchased shares under this program will be at the discretion of management and will depend on market conditions as well as regulatory limitations, including applicable blackout period restrictions.
SOURCE: Businesswire
Comments are closed.