Vivid Seats Authorizes $100M Stock Repurchase Program
Ticker: SEATW · Form: 8-K · Filed: Mar 5, 2024 · CIK: 1856031
| Field | Detail |
|---|---|
| Company | Vivid Seats Inc. (SEATW) |
| Form Type | 8-K |
| Filed Date | Mar 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $100.0 million |
| Sentiment | bullish |
Sentiment: bullish
Topics: stock-repurchase, shareholder-return, board-approval
TL;DR
Vivid Seats is buying back up to $100M of its stock over the next two years.
AI Summary
Vivid Seats Inc. announced on February 29, 2024, that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to $100 million of its common stock. This program is effective immediately and will continue until February 28, 2026, or until the repurchase authorization is fully utilized.
Why It Matters
This significant stock repurchase authorization signals management's confidence in the company's valuation and its commitment to returning capital to shareholders, potentially boosting investor sentiment.
Risk Assessment
Risk Level: medium — Stock repurchase programs can be viewed positively, but the actual impact depends on the company's financial health and market conditions.
Key Numbers
- $100M — Stock Repurchase Authorization (Maximum amount the company can spend on repurchasing its own stock.)
- 2 years — Repurchase Program Duration (The timeframe within which the repurchases are authorized to occur.)
Key Players & Entities
- Vivid Seats Inc. (company) — The company filing the report and authorizing the repurchase.
- $100 million (dollar_amount) — The maximum amount authorized for stock repurchases.
- February 29, 2024 (date) — The date the Board of Directors approved the repurchase program.
- February 28, 2026 (date) — The expiration date of the stock repurchase program.
FAQ
What is the total amount authorized for Vivid Seats' stock repurchase program?
The Board of Directors approved a stock repurchase program authorizing the repurchase of up to $100 million of its common stock.
When was the stock repurchase program approved?
The stock repurchase program was approved on February 29, 2024.
What is the expiration date of the stock repurchase program?
The stock repurchase program is effective until February 28, 2026, or until the repurchase authorization is fully utilized.
What specific type of stock is authorized for repurchase?
The program authorizes the repurchase of Vivid Seats Inc.'s common stock.
What is the immediate effect of the Board's approval?
The stock repurchase program is effective immediately upon approval by the Board of Directors.
Filing Stats: 688 words · 3 min read · ~2 pages · Grade level 10.7 · Accepted 2024-03-05 06:36:13
Key Financial Figures
- $0.0001 — tered Class A common stock, par value $0.0001 per share SEAT The Nasdaq Stock Mar
- $100.0 million — may, from time to time, purchase up to $100.0 million in shares of its Class A common stock,
Filing Documents
- seat-20240229.htm (8-K) — 44KB
- seat-ex99_1.htm (EX-99.1) — 491KB
- 0000950170-24-025361.txt ( ) — 710KB
- seat-20240229.xsd (EX-101.SCH) — 46KB
- seat-20240229_htm.xml (XML) — 7KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition The information set forth under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On March 5, 2024, Vivid Seats Inc. (the "Company") issued a press release providing financial results for the fourth quarter and fiscal year ended December 31, 2023. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On February 29, 2024, Jonathan Wagner notified the Company that he will retire from his role as Chief Technology Officer, effective March 15, 2024. On March 5, 2024, the Company announced that Stefano Langenbacher has been hired as the Company's new Chief Technology Officer, effective March 18, 2024. Mr. Wagner will remain in a technical advisor role for a transition period following Mr. Langenbacher's appointment .
01. Other Events
Item 8.01. Other Events On February 29, 2024, the Company's Board of Directors authorized a share repurchase program (the "Repurchase Program"), pursuant to which the Company may, from time to time, purchase up to $100.0 million in shares of its Class A common stock, par value $0.0001 per share. Such repurchases may be executed through various means, including open market and privately negotiated transactions. The Repurchase Program does not have a fixed expiration date, does not obligate the Company to purchase any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 99.1 Press release issued by Vivid Seats Inc., dated March 5, 2024 104 Cover Page Interactive Data File (embedded within the inline XBRL Document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Vivid Seats Inc. Date: March 5, 2024 By: /s/ Lawrence Fey Lawrence Fey Chief Financial Officer