ZipRecruiter, Inc., a leading online employment marketplace, announced that it has entered into an accelerated share repurchase agreement (“ASR”) with Goldman Sachs & Co. LLC to repurchase $50 million of ZipRecruiter’s common stock.
HR Technology News: The United States Patent and Trademark Office Has Awarded a New Patent to Virtualware, for Its VR Tracking Technology
Under the ASR, ZipRecruiter will make an initial payment of $50 million to Goldman Sachs & Co. LLC and will receive an initial delivery of approximately 1.8 million shares of its common stock by March 23, 2022. The final number of shares to be repurchased will be based on the volume-weighted average price of ZipRecruiter’s common stock during the term of the ASR, less a discount. The final settlement of the ASR is expected to occur by the second quarter of 2022.
HR Technology News: DMS Leaders Spotlight the Impact of a Diverse Workforce at LeadsCon 2022
The ASR transaction will be effectuated pursuant to ZipRecruiter’s previously announced $100 million share repurchase program. As of March 15, 2022, approximately $87.7 million remained available for future repurchases under this program and approximately $37.7 million will remain available after completion of the ASR. There is no expiration date for the share repurchase program, and it will continue until otherwise suspended, terminated or modified at any time for any reason by ZipRecruiter’s board of directors.
ZipRecruiter believes investing in undervalued equity is an attractive option in its balanced capital allocation approach. ZipRecruiter also believes in its ability to generate strong cash flow and invest in attractive organic and inorganic opportunities in the future.
HR Technology News: ETS and Diverse: Issues in Higher Education Announced as Sponsors for the University of Phoenix Inclusive Leadership Summit and Career Fair
[To share your insights with us, please write to sghosh@martechseries.com]