NEW HOPE, Pa.--(BUSINESS WIRE)--MeetMe, Inc. (NASDAQ: MEET), a public market leader for social discovery, announced today that its board of directors has approved a one year share repurchase program that enables the company to purchase up to $15 million of its shares of common stock from time to time in the open market or through negotiated transactions. Share purchases will be funded from cash from operations.
“With significant free cash flow being generated through our successful business model, we believe our stock is undervalued and the repurchase of our shares is an efficient use of our excess capital and will enhance shareholder value,” said Geoff Cook, Chief Executive Officer of MeetMe. “We believe the share repurchase program is supported by our growing scale and increased profitability. The strength of our balance sheet gives us the confidence and flexibility to execute this program and the Skout, Inc. acquisition for the benefit of our shareholders.”
Repurchases under MeetMe’s program will be made in the open market or through privately negotiated transactions intended to comply with the Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. The share 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. MeetMe had approximately 54.4 million shares of common stock outstanding as of August 31, 2016.
About MeetMe, Inc.
MeetMe® is a leading social network for meeting new people in the US and a public market leader for social discovery (NASDAQ: MEET). MeetMe makes it easy to discover new people to chat with on mobile devices. With approximately 90 percent of traffic coming from mobile and more than one million total daily active users, MeetMe is fast becoming the social gathering place for the mobile generation. MeetMe is a leader in mobile monetization with a diverse revenue model comprising advertising, native advertising, virtual currency, and subscription. MeetMe apps are available on iPhone, iPad, and Android in multiple languages, including English, Spanish, Portuguese, French, Italian, German, Chinese (Traditional and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For more information, please visit meetmecorp.com.
