NEW YORK, NY / ACCESSWIRE / August 16, 2022 / Zedge, Inc. (NYSE AMERICAN:ZDGE), a pacesetter in constructing marketplaces and video games round digital content material that allow self-expression, in the present day introduced that its Board of Administrators approved a share repurchase program allowing the Firm to buy as much as an combination of 1.5 million shares of Class B frequent inventory.
“The board and administration staff consider that our inventory value is undervalued and doesn’t correctly replicate our efficiency or fundamentals,” mentioned Jonathan Reich, CEO of Zedge. “We’re executing on a number of excellent development alternatives and assume now’s the appropriate time to place our sturdy stability sheet to work by investing in our personal firm. The long-term potential for each the Zedge app and GuruShots is super, and we plan to share extra particulars on our plans for and insights into this chance within the coming months.”
Zedge had roughly 14.86 million shares excellent (on a diluted foundation) as of April 30, 2022.
Purchases below this system shall be made once in a while, as permitted by federal securities legal guidelines and thru, on the Firm’s discretion, open market purchases, privately negotiated transactions, or different manners. The timing, method, value and quantity of any repurchases shall be decided by the Firm and shall be topic to financial and market circumstances, inventory value, relevant authorized necessities and different components. In furtherance of the buyback, the Firm has entered right into a “Rule 10b5-1 plan” to permit for purchases throughout the present interval.
About Zedge
Zedge builds marketplaces and video games round digital content material that folks use to specific themselves. We monetize our person base by promoting, subscriptions, and a digital token-based financial system. Our main merchandise are the GuruShots images sport and Zedge’s freemium digital content material market, which in the present day gives cell phone wallpapers, video wallpapers, ringtones, and notification sounds. The synergy between the sport and {the marketplace} unlocks extra engagement and permits our neighborhood to earn cash from their paintings. We additionally personal Emojipedia, a web site that’s the main supply of details about emojis. In April 2022, we served greater than 40 million customers. For extra info, go to: investor.zedge.internet
Ahead-Wanting Statements
All statements above that aren’t purely about historic details, together with, however not restricted to, these during which we use the phrases “consider,” “anticipate,” “count on,” “plan,” “intend,” “estimate,” “goal” and comparable expressions, are forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Whereas these forward-looking statements characterize our present judgment of what could occur sooner or later, precise outcomes could differ materially from the outcomes expressed or implied by these statements because of quite a few essential components. Our filings with the SEC present detailed info on such statements and dangers and must be consulted together with this launch. To the extent permitted below relevant legislation, we assume no obligation to replace any forward-looking statements.
Contact:
Brian Siegel IRC, MBA
Senior Managing Director
Hayden IR
(346) 396-8696
[email protected]
SOURCE: Zedge, Inc.
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