Rafael Holdings, Inc. (NYSE:RFL), today announced that its Board of Directors has authorized the repurchase of up to $5 million of the Company's Class B common stock.
"We remain committed to strategically and opportunistically deploying capital to drive long-term stockholder value. In the current macroeconomic environment, given the strength of our balance sheet and our share price, we believe that repurchasing our Class B common stock would be a compelling utilization of a portion of our resources. It also demonstrates the confidence we have in our long-term value creation strategy," said Bill Conking, CEO of Rafael Holdings.
Mr. Conkling added, "Our Executive Chairman, Howard Jonas, has a strong track record of identifying opportunistic investment opportunities that deliver long term shareholder value time and time again. In light of current conditions, we have made the determination to look to leverage his business development expertise to seek out, evaluate and potentially invest in areas within and beyond biopharma."
The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The authorization may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of Class B common stock.