OneWater Marine Inc. announced that its Board of Directors approved a share repurchase program to repurchase up to $50 million of the Company’s Class A common stock from time to time in the open market, in privately negotiated transactions, or by such other means as will comply with applicable state and federal securities laws. This is the Company’s first authorization for repurchases since its initial public offering.
“The Board of Directors’ authorization of our inaugural share repurchase program underscores their confidence in the opportunity ahead of OneWater,” said Austin Singleton, chief executive officer for OneWater. “As part of our capital allocation strategy, we believe the Company's stock can represent an attractive investment opportunity for OneWater. In addition, we will continue to execute our multi-faceted M&A strategy as these opportunities remain plentiful. We believe a balanced capital allocation strategy will continue to drive long-term value creation for our shareholders.”
The timing of any repurchases under the share repurchase program will depend on market conditions, contractual limitations and other considerations. The program may be extended, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares. The Company does not intend to execute on the repurchase program until after the release of fiscal 2022 second quarter financial information.