Benzinga | Nov 30, 2021 04:28PM EST

National Vision Holdings Increases Share Repurchase Authorization To $100M

National Vision Holdings, Inc. (NASDAQ:EYE) ("National Vision" or the "Company") today announced that its Board of Directors has authorized an increase by $50 million to $100 million in the Company's share repurchase program. Since the original $50 million program was authorized on November 8, 2021, approximately 1.0 million shares have been repurchased for a total consideration of $48.4 million.

Reade Fahs, chief executive officer, stated, "The share repurchase authorization was initially established with the principal intent of offsetting share dilution related to equity grants. Although that objective remains, we also believe that the current share price offers the Company the ability to purchase shares at an attractive price which will benefit our long-term stockholders. We remain confident in our business model, and our ability to continue to generate strong cash flows and deliver sustainable growth."

The Board's authorization permits the Company to make purchases of its Common Stock from time to time in the open market or privately negotiated transactions, and pursuant to pre-set trading plans meeting the requirements of all applicable securities laws and regulations. Shares may be repurchased under the program through December 30, 2023. The timing and amounts of any such repurchases will depend on a variety of factors, including the market price of the Company's shares and general market and economic conditions. The Company expects to fund the share repurchases using cash on hand.