EEX stock rose in after-hours trading on October 5, 2020, after the company announced a share buyback.
Emerald Holding, Inc. (NYSE: EEX) today announced that its Board of Directors has approved the repurchase of up to an aggregate of $20 million of its Common Stock.
“Based on current market prices, we believe that the repurchase program is in the best interests of our shareholders,” commented Brian Field, Emerald’s Interim President and Chief Executive Officer.
The repurchases will be made from time to time on the open market at prevailing market prices. The repurchase program is expected to continue through the end of 2021, unless extended or shortened by the Board of Directors.
On August 3, 2020, the company reported Q2 revenue of $7M which was less than half of the consensus estimate of $15.95M.
Brian Field, Emerald’s Interim President and Chief Executive Officer said, “While the events industry has remained extremely challenging across the world, I am pleased with the progress that we have achieved positioning Emerald for the future: staying focused on our strategy, building new customer relationships and continuing to nurture and deliver value to existing clients. Our position is further strengthened by our capital raise which provides us the financial flexibility to accelerate the implementation of strategic initiatives designed to improve all aspects of the customer experience at our shows while also investing in new digital offerings. These digital offerings, which in the second quarter alone delivered more than 50,000 new customer leads, will allow us to engage with our customers year-round while opening new, high-return revenue streams.”