The Meet Group, Inc. (NASDAQ: MEET), a leading provider of interactive
livestreaming solutions, today announced that its Board of Directors has
approved a share repurchase program that enables the Company to purchase
up to $30 million of its shares of common stock from time to time in the
open market or through negotiated transactions through 2021. The Company
expects to fund purchases with cash from operations.
“The new stock repurchase program underscores our belief in the
livestreaming video opportunity and our positive long-term outlook for
our business,” said Geoff Cook, Chief Executive Officer of The Meet
Group. “We expect to continue to generate meaningful cash flow, enabling
us to buy back shares as we execute on our commitment to drive value for
our shareholders.”
Repurchases under the Company’s program will be made in the open market
or through privately negotiated transactions intended to comply with the
Securities and Exchange Commission Rule 10b-18, subject to market
conditions, applicable legal requirements, and other relevant factors.
The share repurchase program does not obligate the Company to acquire
any particular amount of common stock, and it may be suspended at any
time at the Company’s discretion. The Meet Group had approximately 75.6
million shares of common stock outstanding as of May 31, 2019.
About The Meet Group
The Meet Group (NASDAQ: MEET) is a leading provider of interactive
livestreaming solutions designed to meet the universal need for human
connection. Our ecosystem of livestreaming apps enables users around the
world to interact through one-to-many livestreaming broadcasts and
text-based conversations. Our top apps, MeetMe®, LOVOO®, Skout®, Tagged®
and Growlr®, deliver live interactions and meaningful connections to
millions of users daily. Headquartered in New Hope, PA, we have offices
in Philadelphia, San Francisco, Dresden, and Berlin. For more
information, visit themeetgroup.com,
and follow us on Facebook, Twitter or LinkedIn.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the anticipated amount and timing
of share repurchases, whether any such repurchases will occur, whether
shares will be repurchased in the open market or through negotiated
transactions, whether we will continue to generate meaningful cash flow
to enable us to buy back shares, our belief in the livestreaming video
opportunity, our positive long-term outlook for our business, and
whether repurchases will comply with Securities and Exchange Commission
Rule 10b-18. All statements other than statements of historical facts
contained herein are forward-looking statements. The words “believe,”
“may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,”
“could,” “target,” “potential,” “project,” “outlook,” “is likely,”
“expect” and similar expressions, as they relate to us, are intended to
identify forward-looking statements. We have based these forward-looking
statements largely on our current expectations and projections about
future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and
financial needs. Important factors that could cause actual results to
differ from those in the forward-looking statements include the risk
that our applications will not function easily or otherwise as
anticipated, the risk that we will not launch additional features and
upgrades as anticipated, the risk that unanticipated events affect the
functionality of our applications with popular mobile operating systems,
any changes in such operating systems that degrade our mobile
applications’ functionality and other unexpected issues which could
adversely affect usage on mobile devices. Further information on our
risk factors is contained in our filings with the Securities and
Exchange Commission (“SEC”), including the Form 10-K for the year ended
December 31, 2018 filed with the SEC on March 8, 2019. Any
forward-looking statement made by us herein speaks only as of the date
on which it is made. Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible
for us to predict all of them. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required
by law.
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