Marlin Business Services Corp. Board Of Directors Authorizes $15M Stock Repurchase Program
Marlin Business Services Corp. (Nasdaq: MRLN) today announced that its Board of Directors has authorized a stock repurchase program of up to $15 million of its outstanding shares of common stock, replacing the stock repurchase program established in November 2007. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price and other factors.
The share repurchase authorization reflects the Board's desire to continue to return value to shareholders and its confidence in the long-term growth prospects of the Company's business.
The repurchase may be made on the open market, in block trades, through privately negotiated transactions or plans, pursuant to instructions or contracts established under Rule 10b5-1 under the Securities Exchange Act of 1934, or otherwise in accordance with applicable laws, rules and regulations. No time limit has been set for the completion of the program. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended at any time at the Company's discretion. The stock repurchase will be funded using the Company's working capital. Any shares purchased under this program will be returned to the status of authorized but unissued shares of common stock.
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