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CarParts.com, Inc. (NASDAQ:PRTS), a leading online retailer of automotive parts and accessories, today announced its Board of Directors has approved the extension of the Company's current $30 million stock repurchase plan (the "Repurchase Plan") to July 26, 2026. The Repurchase Plan was originally set to expire on July 26, 2024. The Company believes this extension supports planned approaches to capital deployment to create long-term value for stockholders through share repurchases and future strategic acquisitions. The Company currently has approximately $25.2 million available for repurchase under the Repurchase Plan.
The shares may be repurchased from time to time in open market transactions at prevailing market prices, or by other means in accordance with federal securities laws.The actual timing, number, and value of common shares repurchased under the Repurchase Plan will be determined by management in its discretion and will depend on a number of factors, including, among others, general market and business conditions, the trading price of common shares, and applicable legal requirements. The Company has no obligation to repurchase any common shares under the authorization, and the Repurchase Plan may be suspended, discontinued, or modified at any time for any reason.
The Company had 57,498,607 shares of common stock outstanding as of October 23, 2023, as reported in the Company's quarterly report on Form 10-Q for the quarterly period ended September 30, 2023.
Posted In: PRTS
