Limbach Holdings Announces Share Repurchase Program Authorization
Limbach Holdings, Inc. (NASDAQ: LMB) (“Limbach” or the “Company”) today announced that its Board of Directors approved a share repurchase program with an authorization to purchase up to $2.0 million of shares of its Common Stock.
Authorization of up to $2.0 Million in a Common Stock Repurchase Program
Limbach’s Board of Directors has authorized a share repurchase program, under which the Company is authorized to repurchase up to $2.0 million of its outstanding common stock. The share repurchase authority is valid for one-year through September 29, 2023.
“We believe, over the term of the authorization of the program there could be attractive buying opportunities for our stock. With that in mind, the buyback authorization puts the Company in a strong position to be able to initiate a repurchase program in an effort to return value to our stockholders,” said Limbach EVP and CFO, Jayme Brooks.
The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. Repurchases may also be made under Rule 10b5-1 plans. The Company intends to fund repurchases from existing cash, cash flow, borrowings under existing credit facilities or other means then available. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements and whether a Rule 10b5-1 plan is utilized. The exact number of shares to be repurchased by the Company is not guaranteed and the program may be suspended, modified, or discontinued, in whole or in part, at any time without prior notice.
Limbach is an integrated building systems solutions firm whose expertise is in the design, modular prefabrication, installation, management and maintenance of heating, ventilation, air-conditioning (“HVAC”), mechanical, electrical, plumbing and controls systems. Our market sectors primarily include the following: healthcare, life sciences, data centers, industrial and light manufacturing, entertainment, education and government. With 17 offices throughout the United States and Limbach’s full life-cycle capabilities, from concept design and engineering through system commissioning and recurring 24/7 service and maintenance, Limbach is positioned as a value-added and essential partner for building owners, construction managers, general contractors and energy service companies.