Kornit Digital Unveils Share Repurchase Program
The company's board of directors has authorized a repurchase program of up to $100 million.
Kornit Digital, a provider of sustainable, on-demand, digital fashion and textile production technologies, announced that its board of directors has authorized a program to repurchase up to $100 million of the company’s ordinary shares as part of its capital allocation strategy.
This repurchase program, in addition to the $65 million of aggregate share repurchases executed by Kornit Digital since 2023, is said to reflect the board’s confidence in the company’s strategy and long-term potential, while demonstrating an ongoing commitment to driving value creation for its shareholders.
Under the board-authorized repurchase program, Kornit Digital’s ordinary shares may be repurchased from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or otherwise, all in accordance with U.S. securities laws and regulations, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the Exchange Act to facilitate repurchases of its shares under this authorization.
The repurchase program does not obligate Kornit Digital to acquire any particular amount of ordinary shares, and the repurchase program may be suspended or discontinued at any time at the company’s discretion.
Repurchases under the repurchase program may begin after the conclusion of a 30-day period for creditors of the company to object to its intent to effect a deemed distribution by way of repurchase in accordance with the Israeli Companies Regulations (Relief for Public Companies Whose Securities are Traded on Stock Exchanges Outside of Israel), 5760-2000 and the Israeli Companies Regulations (Approval of Distribution), 5761–2001.
The actual timing, number, and value of shares to be repurchased will depend on a number of factors, including the market price of Kornit Digital’s ordinary shares, general market, and economic conditions, any objections received by it from its creditors, its financial results and liquidity, and other considerations. Kornit expects to fund repurchases with cash on hand.
