AGNT completes $31.99 million share repurchase from Gratitude 2022 Trust
AGNT, Inc. (NASDAQ:AGNT) recently completed a $31.99 million share repurchase from the Gratitude 2022 Trust. The company acquired 8,693,290 shares of its common stock from Frank Selden, who served as the trustee for the trust. The shares were purchased under a stock purchase agreement outlined in a Form 8-K filing filed by AGNT on September 8.
The transaction aimed to address tax and estate administration requirements following the passing of Penny Sanford, the trust's former trustee. By directly repurchasing these shares, AGNT removed them from its outstanding common stock. The Audit Committee of AGNT, consisting of independent and disinterested directors, reviewed and approved the transaction.
They determined that the repurchase, made at a 10% discount to the five-day volume-weighted average price, would accelerate AGNT's capital return program beyond what regular open-market purchases could achieve. The committee found the terms to be fair and suitable for the company and its shareholders. Incorporated in Texas and listed on The Nasdaq Stock Market, AGNT was formerly known as eXp World Holdings, Inc.
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