Safeguard Scientifics, Inc. (NYSE:SFE) (“Safeguard” or the “Company”) today announced a new $3 million share repurchase program, in accordance with the requirements of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. These repurchases, which will use existing funds, will be made in open market or privately negotiated transactions and are expected to be completed within the 2022 calendar year.
This new plan replaces the $6 million share repurchase plan announced in May 2021, which resulted in the repurchase of 236,159 shares at an average cost of $6.94 per share for a total of $1.6 million. The May 2021 plan was suspended in October 2021 as part of the Company’s modified Dutch auction self-tender, which resulted in the repurchase of 4.3 million common shares at $9.06 per share, including transaction costs, for a total of $39.0 million.
