Eventbrite’s Board of Directors has authorized the repurchase of up to $100 million of outstanding Class A common stock, showcasing the company’s expected growth.
According to Eventbrite, the events marketplace will now have the ability to purchase shares of common stock through various means, including open market purchases, block trades, privately negotiated transactions, or accelerated share repurchase transactions. The repurchases, however, will be subject to market conditions. Additionally, Eventbrite is not obligated to repurchase a specific number of sales, and the company has the ability to suspend or discontinue the program at any time.
Eventbrite noted that as of December 31, 2023, the company had approximately $391.1 million in available liquidity, as well as approximately 86,206,862 shares of Class A common stock and 15,661,433 shares of Class B common stock outstanding as of February 29, 2024.
The company plans to fund the repurchase program from existing cash and cash equivalents and/or future cash flows.
Currently, Eventbrite (NYSE: EB) has 101.84230769231 million shares outstanding and a current stock price of $5.73 as of Monday afternoon. The stock price of Eventbrite increased by 12.33% on the New York Stock Exchange.
According to Investor Place, Eventbrite is listed among “one of the best under-$10 stocks you can buy,” with an expected revenue growth to almost $500 million by 2027.
