Bond.az - WEX Inc (NYSE:WEX) shares rose 2.6% in premarket trading Friday after the company announced a new $1 billion share repurchase program.
The payment solutions provider said its Board of Directors authorized the buyback program, allowing it to repurchase up to $1 billion of common stock, plus transaction expenses and excise taxes. The program has no expiration date and may be modified or suspended at any time.
The company may execute repurchases through open market transactions, privately negotiated deals, accelerated share repurchase programs, or issuer self-tender offers. Timing and amount depend on market conditions and other investment opportunities.
WEX also announced that its Board appointed independent director David Foss as Chair of the Board, effective immediately. This separates the roles of Chair and CEO. Melissa Smith will continue as CEO, President, and Board member.
The repurchase program does not obligate WEX to acquire any specific number of shares and may be discontinued at any time. All repurchase instructions are intended to comply with Rule 10b-18 and existing debt covenants.
