ARKO Corp. announced that its board of directors increased its previously authorized share repurchase program by an additional $50 million. ARKO now has the availability to repurchase up to an aggregate amount of approximately $59 million of its outstanding shares of common stock under this newly expanded repurchase plan.
“We believe that repurchasing our shares is a compelling use of our capital resources,” said Arie Kotler, chairman, president and CEO of ARKO. “We are encouraged by the traction of our initiatives and the progress of our merchandise and fuel strategy to maximize gross profit dollars, and we remain confident in the continued growth of our business. Our last quarter results were strong, as we continued to deliver robust in-store performance as a result of our focus on our key initiatives. We remain deeply committed to maximizing stockholder value creation, and this increase of our repurchase program is aligned with ARKO’s capital allocation framework, ensuring that in addition to growth through mergers & acquisitions and organic initiatives, we also return capital to our stockholders through our share repurchase program.”
The share repurchase program does not have a stated expiration date. Repurchases, if any, may be effected from time to time through open market purchases, including pursuant to a pre-set trading plan meeting the requirements of Rule 10b5-1(c) of the Exchange Act of 1934, as amended, privately negotiated transactions, pursuant to accelerated share repurchase agreements entered into with one or more counterparties, or otherwise.
ARKO Corp. is a Fortune 500 company that owns 100% of GPM Investments LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, Va., it operates in four reportable segments: retail, wholesale, fleet fueling and GPM Petroleum.