Turtle Beach Modifies Previously Communicated Near-Term Return Of Capital Plan; Increases Share Repurchase Authorization To $55M, Including The $8.4M Already Acquired Under Program

The company said its Board of Directors no longer intends to launch the previously announced modified "Dutch auction" Tender Offer to purchase up to $30 million of its common stock at a price per share not less than $13.75 per share and not greater than $15.00 per share. Under the revised share repurchase authorization, the Company is authorized to acquire up to a total of $55 million of shares of its common stock, including the $8.4 million already acquired under the program, at its discretion from time to time in the open market, or in block purchases or privately negotiated transactions. The current balance remaining for the repurchase program, including today's increased authorization, is $46.6 million.