Rafael Holdings Announces up to $5 Million Share Repurchase Program
04 Aprile 2023 - 2:00PM
Rafael Holdings, Inc. (NYSE: RFL), today announced that its Board
of Directors has authorized the repurchase of up to $5 million of
the Company's Class B common stock.
“We remain committed to strategically and opportunistically
deploying capital to drive long-term stockholder value. In the
current macroeconomic environment, given the strength of our
balance sheet and our share price, we believe that repurchasing our
Class B common stock would be a compelling utilization of a portion
of our resources. It also demonstrates the confidence we have in
our long-term value creation strategy,” said Bill Conking, CEO of
Rafael Holdings.
Mr. Conkling added, “Our Executive Chairman, Howard Jonas, has a
strong track record of identifying opportunistic investment
opportunities that deliver long term shareholder value time and
time again. In light of current conditions, we have made the
determination to look to leverage his business development
expertise to seek out, evaluate and potentially invest in areas
within and beyond biopharma.”
The Company may repurchase shares from time to time through open
market purchases, in privately negotiated transactions or by other
means, including through the use of trading plans intended to
qualify under Rule 10b5-1 under the Securities Exchange Act of
1934, as amended, in accordance with applicable securities laws and
other restrictions. The timing and total amount of stock
repurchases will depend upon business, economic and market
conditions, corporate and regulatory requirements, prevailing stock
prices, and other considerations. The authorization may be
suspended or discontinued at any time and does not obligate the
Company to acquire any amount of Class B common stock.
About Rafael Holdings, Inc.
Rafael Holdings is a holding company with interests in clinical
and early-stage pharmaceutical and other companies, including an
investment in Cornerstone Pharmaceuticals, Inc., formerly known as
Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics
company. The Company’s primary focus has been to invest in, fund,
and develop novel cancer therapies. We seek to expand our portfolio
through strategic opportunistic investments and or acquisitions
within and outside the pharmaceutical and biotech sectors.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding our expectations surrounding the potential, safety,
efficacy, and regulatory and clinical progress of our product
candidates; plans regarding the further evaluation of clinical
data; and the potential of our pipeline, including our internal
cancer metabolism research programs. These statements are neither
promises nor guarantees, but involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements, including, but not
limited to, the following: the impact of public health threats,
including COVID-19, on our business and operations; clinical trials
of product candidates may not be successful; our pharmaceutical
companies may not be able to develop any medicines of commercial
value; our pharmaceutical companies may not be successful in their
efforts to identify or discover potential product candidates; the
manufacturing and manufacturing development of our products and
product candidates present technological, logistical and regulatory
risks, each of which may adversely affect our potential revenue;
potential unforeseen events during clinical trials could cause
delays or other adverse consequences; risks relating to the
regulatory approval process; interim, topline and preliminary data
may change as more patient data become available, and are subject
to audit and verification procedures that could result in material
changes in the final data; our product candidates may cause serious
adverse side effects; ongoing regulatory obligations; effects of
significant competition; unfavorable pricing regulations,
third-party reimbursement practices or healthcare reform
initiatives; product liability lawsuits; failure to attract, retain
and motivate qualified personnel; the possibility of system
failures or security breaches; risks relating to intellectual
property and significant costs as a result of operating as a public
company. These and other important factors discussed under the
caption “Risk Factors” in our Annual Report on Form 10-K for the
year ended July 31, 2022, and our other filings with the SEC could
cause actual results to differ materially from those indicated by
the forward-looking statements made in this press release. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change.
Contact:Barbara
RyanBarbara.ryan@rafaelholdings.com(203) 274-2825
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