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Benzinga
Benzinga
Business
Shivani Kumaresan

Conn's Plans $150M Share Repurchase Program

  • Conn's Inc (NASDAQ:CONN) Board of Directors has authorized a repurchase program of $150 million of its outstanding stock. The approval will expire on December 14, 2022.
  • "The $150 million share repurchase program is the largest in Conn's history and represents approximately 30% of our current market capitalization," said CEO Chandra Holt.
  • The company plans to fund this program through available corporate funds, including cash on hand, future cash flow, and drawing on its revolving credit facility.
  • Conn held $36.1 million in cash and equivalents as of October 31, 2021.
  • Price Action: CONN shares traded higher by 3.74% at $18.60 in premarket on the last check Wednesday.
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