Townsquare Media Inc.
12/11/2024 | Press release | Distributed by Public on 12/11/2024 15:24
Material Event Form 8 K
Item 8.01 - Other Events.
On December 10, 2024, the Board of Directors (the "Board") of Townsquare Media, Inc. (the "Company") authorized and approved a stock repurchase plan, pursuant to which the Company is authorized to repurchase up to $50 million of the Company's issued and outstanding Class A common stock (the "Common Stock") over a thirty-six month period (the "2024 Stock Repurchase Plan"). The 2024 Stock Repurchase Plan has substantially the same terms as, and was intended to replace, the Company's prior stock repurchase plan, which was set to expire on December 16, 2024. Repurchases totaling approximately $40.5 million were made in the prior three-year period.
Repurchases of Common Stock under the 2024 Stock Repurchase Plan may be executed in open market purchases at prevailing market prices or otherwise in accordance with applicable rules and regulations, including Rule 10b-18 of the Securities and Exchange Act of 1934 ("Exchange Act").
The actual timing, number and dollar amount of repurchase transactions made under the 2024 Stock Repurchase Plan, if any, will be determined by the Company's management at its discretion and will depend on a number of factors including, but not limited to, the market price of the Company's Common Stock, general market and economic conditions, compliance with applicable legal requirements,debt covenants and other considerations, and may be funded from cash on hand, available borrowings or proceeds from potential debt or other capital markets sources.
The Board will review the 2024 Stock Repurchase Plan periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. Information regarding share repurchases will be available in the Company's periodic reports on Form 10-Q and 10-K filed with the SEC as required by the applicable rules of the Exchange Act.