GOOSE CREEK, SC -HireQuest, Inc. (NASDAQ: HQI) announced that its Board of Directors has authorized a new share repurchase program pursuant to which the company may repurchase up to 1 million shares of its common stock through June 2021.
“Using our strong balance sheet to repurchase shares demonstrates our confidence in the strength of our franchised business model, the underlying value of our stock, and our commitment to providing long-term value for our stockholders,” commented Rick Hermanns, President and Chief Executive Officer of the company. “We have ample liquidity and cash flow to simultaneously repurchase shares and support our growth initiatives, whether that be through organic growth or selective pursuit of other opportunities that may arise.”
The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The Company has put in place a Rule 10b5-1 plan to facilitate market repurchases. A plan under Rule 10b5-1 allows a company to repurchase shares at times when it might otherwise be prevented from doing so by securities laws or because of self-imposed trading blackout periods. Any repurchased shares will be available for various corporate purposes. There can be no assurance of how many shares will be repurchased, and the repurchase program may be suspended or discontinued at any time. The actual timing, number and value of shares repurchased under the program will depend on a number of factors, including the market price of HireQuest Inc.’s stock, general market and economic conditions, and applicable legal requirements. Purchases will be financed through the company’s existing cash balances and cash provided through operations.
The Company had approximately 13.5 million shares of common stock outstanding as of June 15, 2020, the date of its most recent annual meeting of stockholders.
– BUSINESS WIRE
HireQuest, Inc. is a nationwide franchisor that provides on demand labor solutions primarily in the light industrial and blue-collar segments of the staffing industry for HireQuest Direct and HireQuest franchised offices across the United States. Through its nationwide network of more than 130 franchisee-owned offices in 30 states and the District of Columbia, the Company provides employment annually for approximately 67,000 field team members working for thousands of customers, principally in the areas of construction, light industrial, manufacturing, hospitality, and event services. For more information, visit www.hirequest.com.