NEW YORK, NY / ACCESSWIRE / August 16, 2022 / Zedge, Inc. (NYSE AMERICAN:ZDGE), a leader in building marketplaces and games around digital content that enable self-expression, today announced that its Board of Directors authorized a share repurchase program permitting the Company to purchase up to an aggregate of 1.5 million shares of Class B common stock.
"The board and management team believe that our stock price is undervalued and doesn't properly reflect our performance or fundamentals," said Jonathan Reich, CEO of Zedge. "We are executing on several outstanding growth opportunities and think now is the right time to put our strong balance sheet to work by investing in our own company. The long-term potential for both the Zedge app and GuruShots is tremendous, and we plan to share more details on our plans for and insights into this opportunity in the coming months."
Zedge had approximately 14.86 million shares outstanding (on a diluted basis) as of April 30, 2022.
Purchases under the program will be made from time to time, as permitted by federal securities laws and through, at the Company's discretion, open market purchases, privately negotiated transactions, or other manners. The timing, manner, price and amount of any repurchases will be determined by the Company and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. In furtherance of the buyback, the Company has entered into a "Rule 10b5-1 plan" to allow for purchases during the current period.
About Zedge
Zedge builds marketplaces and games around digital content that people use to express themselves. We monetize our user base through advertising, subscriptions, and a virtual token-based economy. Our leading products are the GuruShots photography game and Zedge's freemium digital content marketplace, which today offers mobile phone wallpapers, video wallpapers, ringtones, and notification sounds. The synergy between the game and the marketplace unlocks additional engagement and enables our community to earn money from their artwork. We also own Emojipedia, a website that is the leading source of information about emojis. In April 2022, we served more than 40 million users. For more information, visit: investor.zedge.net
Forward-Looking Statements
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
Contact:
Brian Siegel IRC, MBA
Senior Managing Director
Hayden IR
(346) 396-8696
ir@zedge.net
SOURCE: Zedge, Inc.
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