Benzinga | Dec 15, 2021 07:05AM EST

Conn's Plans $150M Share Repurchase Program

* Conn's Inc (NASDAQ:CONN) Board of Directors has authorized a repurchase program of $150 million of its outstanding stock. The approval will expire on December 14, 2022.

* "The $150 million share repurchase program is the largest in Conn's history and represents approximately 30% of our current market capitalization," said CEO Chandra Holt.

* The company plans to fund this program through available corporate funds, including cash on hand, future cash flow, and drawing on its revolving credit facility.

* Conn held $36.1 million in cash and equivalents as of October 31, 2021.

* Price Action: CONN shares traded higher by 3.74% at $18.60 in premarket on the last check Wednesday.