NEW YORK, NY / ACCESSWIRE / September 16, 2024 / Zedge, Inc. (NYSE AMERICAN:ZDGE), a leader in building digital marketplaces and friendly competitive games around content that people use to express themselves, today announced its Board of Directors approved a new share repurchase program for up to $5.0 million of its Class B common stock. This new program follows the completion of its prior $3.0 million share repurchase program on August 28, 2024, in which the Company bought back 1.2 million shares of its Class B common stock.
Jonathan Reich, Zedge's CEO commented, "Our new stock repurchase program highlights our strong belief that the market is significantly undervaluing Zedge. Both the Zedge Marketplace and Emojipedia are experiencing impressive double-digit revenue growth, with an increasing, robust cash position while Zedge continues to invest in growth and buy back our stock. The addition of innovative AI features like pAInt and fresh emoji content, combined with our relentless focus on maximizing ad revenue, translates into exciting upside potential. Additionally, we're making the changes needed at GuruShots to drive growth, most recently with the on-boarding overhaul and introduction of a coin-based economy, coupled with investment in profitable user acquisition campaigns."
Purchases under the program will be made from time to time, as permitted by securities laws and through, at the Company's discretion, open market purchases, privately negotiated transactions, or other paths. The Company will determine the timing, manner, price and amount of any repurchases subject to economic and market conditions, stock price, applicable legal requirements and other factors. In furtherance of the buyback, the Company plans to enter into a "Rule 10b5-1 plan" to allow for continuous repurchases of its Class B common stock regardless of the Company's trading window restrictions.
About Zedge
Zedge builds digital marketplaces and friendly competitive games around content people use to express themselves. Our leading products include Zedge Ringtones and Wallpapers, a freemium digital content marketplace offering mobile phone wallpapers, video wallpapers, ringtones, notification sounds, and pAInt, a generative AI image creation platform; GuruShots, a skill-based photo challenge game; and Emojipedia, the #1 trusted source for 'all things emoji'. Our vision is to enable and connect creators who enjoy friendly competitions with a community of prospective consumers in order to drive commerce. We serve 10's of millions of active users across our offerings every month. 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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