ortman Ridge Finance Corporation (NASDAQ:PTMN) (the “Company” or “Portman Ridge”) today provided an update on its previously announced share buyback program. Following the recent lifting of the suspension on repurchases under the share buyback program due to its merger transaction with Harvest Capital Credit Corporation (“HCAP”), the Company has been actively repurchasing its shares under the program. To date, the Company has repurchased approximately $1.1 million of its shares since the closing the HCAP merger transaction on June 9. 2021. The Company expects to continue to conduct buybacks under the program throughout the remainder of the year based on market conditions and other factors, subject to legal and contractual restrictions.
As a reminder, on March 11, 2021, the Company’s Board of Directors reauthorized the repurchase by the Company up to an aggregate of $10 million of its shares in the open market until March 31, 2022. Also, as previously announced, the Company entered a Rule 10b5-1 stock trading plan to facilitate the repurchase of up to $2.5 million of its shares under the share repurchase program.
Ted Goldthorpe, Chief Executive Officer of PTMN, commented, “We believe the repurchase of our shares is in the best interests of our stockholders and we will continue to assess these opportunities during the remainder of the year.”
