MultiPlan Announces Extension of $100 Million Share Repurchase Program

MultiPlan Corporation (NYSE:MPLN) (“MultiPlan” or the “Company”), a leading provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the U.S. healthcare industry, today announced that its Board of Directors has extended its current $100 million program to repurchase shares of the Company’s Class A common stock (the “Common Stock”) through December 31, 2024. To date, the Company has repurchased $13.1 million in shares of its Common Stock, leaving up to $86.9 million in authorized repurchases through the remainder of the program, as extended.

Commenting on the extension of the stock repurchase program, Dale White, President and Chief Executive Officer, said, “We continue to be committed to strategically deploying our capital to drive long-term value for stockholders. Although the focus of our capital allocation strategy continues to be on investing in the business for growth and debt pay-down, we believe that repurchasing our stock opportunistically may be an attractive cash deployment option. For that reason and in light of the current expiration of our current program at the end of this year, our board has approved an extension of the program through the end of 2024. This extension demonstrates our continued confidence in the strength of MultiPlan’s business and cash flow.”

MultiPlan may repurchase shares from time to time using a variety of methods, which may include open market purchases, in privately negotiated transactions or by other means, including through the use of preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased during periods the Company might otherwise be precluded from doing so under insider trading laws. The timing and amount of any share repurchases will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchased shares will be held in treasury shares and will be available for use in connection with the Company’s stock plans and for other corporate purposes. There is no guarantee as to the number of shares that will be repurchased. The repurchase program, as extended, expires on December 31, 2024, and the repurchase program may be further extended, suspended or discontinued at any time without prior notice at the Company’s discretion. Share repurchases will be funded using the Company’s cash on hand and cash from operations.