- Ferrari N.V. (NYSE:RACE) intends to commence a €150-M share buyback program, as the initial tranche of the new multi-year share buyback program of approximately €2-B expected to be executed by Y 2026.
- The 1st tranche started on July 1, 2022 and will end no later than November 30, 2022. It will be funded through the company’s available cash.
- Repurchased shares may be used to meet the obligations arising from the company’s equity incentive plan.
- An amount equivalent to €120-M to be executed on the EXM market through a primary financial institution and €30-M to be executed on the NYSE.
- The company currently holds No. 11,065,110 common shares in treasury.
- The 1st tranche replaces any previous common shares buyback program.
Have a prosperous week, Keep the Faith!