FinTech driven specialized lender to repurchase up to 2 million outstanding common shares
Legion Capital (OTCQB: LGCP), a FinTech driven, publicly traded specialized business lender providing growth capital to small and medium sized companies and real estate developers, today announced today that its Board of Directors has authorized the repurchase of up to 2 million shares of the Company’s outstanding common stock. The repurchase program will be commenced as of October 18, 2021 and will involve both open market and private purchase transactions. The Company did not specify a particular number of shares or purchase price or terms.
Commenting on the stock repurchase program, James Byrd, Chairman of the Board, said, “We are very pleased with the current state of our business and are excited about our prospects for future growth. This repurchase program reflects our belief in the long-term value of our company and stock – while we all understand the great degree of uncertainty in predicting ultimate value and price of a public stock, we feel the current market price provides an opportunity for us and our shareholders to further participate in the long-term potential for Legion.”
The Company advises that it has not agreed to any particular minimum purchase quantities – actual purchases will depend upon market conditions, availability of capital and other business and corporate needs, as well as regulatory and legal limitations associated with such a repurchase program.
The repurchase program has no expiration date and will be funded using the Company’s cash on hand, and cash from operations. As of June 30, 2020, the Company had cash and cash equivalents of approximately $4.964 million. Legion had approximately 16,673,732 million shares of common stock outstanding as of June 30, 2020, per the unaudited balance sheet of Legion Capital.
Repurchased shares may be canceled, held as treasury shares, resold privately or in conjunction with a future equity financing. There is no guarantee as to the number of shares that will be repurchased, or as to what terms and the repurchase program may be extended, suspended or discontinued at any time without prior notice, at Legion’s discretion.
About Legion Capital
Legion Capital (Symbol: LGCP) is a FinTech driven specialized lender providing growth capital to small and medium sized companies. Legion provides bridge funding, acquisition finance, development, and growth capital in a highly customized and expeditious manner, addressing a large and growing segment of small business lending that is under-served by banks and institutions.
Legion Capital serves our Investors and Financial Advisors through a suite of diversified equity and debt investment products, many of which offer attractive yields, non-correlation to traditional financial markets, and defined liquidity dates. For more information, please visit www.LegionCapital.com.
Certain statements that we make in this information piece may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts, and future or conditional verbs such as will, may, could, should, and would, as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in any Offering Documents associated with this information piece. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether the result of new information, future events or otherwise. Legion is a private lender, and not a member of FINRA or FDIC.