Turtle Beach Announces Update on Its Return of Capital Strategy to Shareholders
Increases Share Repurchase Authorization to
Share Repurchase Authorization Replaces Previously Announced Tender Offer Given Underlying Shares Are Now Trading 11% Above Previously Communicated Top End of
Board of Directors
With today’s announcement, the Board of Directors (the “Board”) no longer intends to launch the previously announced modified “Dutch auction” Tender Offer (the “Tender Offer”) to purchase up to
In its continued effort to evaluate capital allocation priorities, the Board has determined that the best course of action to continue to return capital to shareholders is to increase the Company’s share repurchase program by
The Company expects to announce further details regarding the stock repurchase authorization in connection with the issuance of its first quarter 2024 earnings in May.
The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors.
About
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “goal,” “project,” “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.
While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to inflationary pressures, optimizing our product portfolio, reducing our cost of goods and operating expenses, reductions in logistic and supply chain challenges and costs, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, including promotional credits and discounts, general business and economic conditions, risks associated with the future direction or governance of the Company, risks associated with the expansion of our business, including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the
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Sr. Director, Public Relations &
858.914.5093
maclean.marshall@turtlebeach.com
Investor Information:
949.574.3860
hear@gateway-grp.com
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