Analyst Summary
- International Money Express, Inc. (IMXI) has entered into a share repurchase agreement to buy back 100,000 shares of its common stock from Latin-American Investment Holdings, Inc.
- The repurchase price is $13.30 per share, a 2.6% discount from the last reported sale price on Nasdaq, totaling approximately $1.3 million.
- The repurchase will be funded from the company’s existing cash reserves.
- John Rincon, a director of IMXI and the sole owner/director of the selling stockholder, recused himself from the Board’s and Audit Committee’s deliberations regarding the transaction.
- The share repurchase agreement was approved by the independent Audit Committee of the Board.
- Prior to the repurchase, the Stockholder beneficially owned 366,989 shares of Common Stock, which represented approximately 1.2% of the Company’s outstanding shares of Common Stock.
Potential Implications
Stock Price
- The share repurchase could have a slightly positive impact on the stock price due to reduced outstanding shares.
- The discount offered in the repurchase agreement may be perceived neutrally or slightly negatively by the market.