Newtek Business Services Corp. Buyback
OLI recorded this information on 6/21/2022
Newtek Business Services Corp.
Share Amount Authorized:
Newtek Business Services Corp. (the "Company" or "Newtek") (Nasdaq: NEWT) today announced that its board of directors approved a repurchase program (the "Program") under which the Company may repurchase up to 500,000 shares (the "Shares") of its common stock, par value $0.02 (the "Common Shares"), which represents approximately 2.0% of the outstanding Common Shares of the Company as of May 2, 2022. The repurchases shall be effected through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended and the Securities Exchange Act of 1934, as amended (the "1934 Act"). Unless extended or terminated by the board of directors, the Company anticipates that the termination date for the Program will be on December 21, 2022. The Company expects to finance the repurchases with existing capital and the repurchased Shares will be designated as authorized but unissued Common Shares. In addition, the Company will continuously evaluate alternate and strategic uses of its capital depending on, among other things, the fair value of Newtek's Common Shares and the other available capital deployment opportunities.
Newtek Business Services is an internally managed business development company that is a national non-bank lender that provides business and financial solutions under the Newtek® brand. Co.'s products and services include: business lending including U.S. Small Business Administration 7(a) loans, 504 loans and conventional loans, electronic payment processing, managed technology solutions (cloud computing), technology consulting, eCommerce, accounts receivable and inventory financing, personal and commercial lines insurance services, web services, data backup, storage and retrieval, and payroll and benefits solutions to small-and-medium sized business accounts nationwide.
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Sell (1.00 out of 4)