2023-12-07 07:06:59 ET
- CPI Card Group (PMTS ) said that it has entered into an agreement to purchase shares of the company’s common stock from Tricor Pacific Capital Partners, a fund managed by Parallel49 Equity, under the company’s previously announced $20 million share repurchase authorization.
- Pursuant to the agreement, the company has agreed to purchase from Parallel49, a number of shares equal to three times the number of shares acquired by the company in the open market from non-Parallel49 holders from time to time during the period December 11 through March 31, 2024, up to a maximum of 325,000 shares.
- The purchase price for the shares to be acquired from Parallel49 will be equivalent to 98% of the volume weighted average purchase price of shares bought by the company in the open market from non-Parallel49 holders during that time period.
- Parallel49 currently owns 6.6 million shares of CPI common stock, or approximately 57% of CPI’s outstanding common stock.
- Source: Press Release
For further details see:
CPI Card Group announces share purchase agreement