MoneyLion Inc. (NYSE: ML) noted its shares climbed Monday, as the company, a digital ecosystem for consumer finance that empowers everyone to make their best financial decisions, today announced that its Board of Directors has authorized the repurchase of up to $20 million of MoneyLion’s outstanding Class A common stock.
Under the Repurchase Program, MoneyLion may repurchase from time to time shares of its Class A common stock for cash through any manner, including open market transactions (including pursuant to broker plans in accordance with Rule 10b5-1 and Rule 10b-18), privately negotiated transactions with third parties or accelerated share repurchase agreements, and in such amounts as MoneyLion deems appropriate, subject to legal requirements and other corporate considerations.
The volume and timing of any repurchases will be subject to general market conditions, as well as MoneyLion’s management of capital, other investment opportunities and other factors. The Repurchase Program does not obligate MoneyLion to repurchase any specific dollar amount or number of shares, has no fixed expiration date and may be modified, suspended or discontinued at any time at MoneyLion’s discretion.
MoneyLion currently expects to fund the Repurchase Program from existing cash on hand and future cash flows. As of June 30, 2024, MoneyLion had cash and cash equivalents of approximately $98 million. MoneyLion had 10,968,455 shares of Class A common stock outstanding as of August 1, 2024.
ML shares hiked $4.16, or 9.6%, to $47.50.
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