NEWPORT BEACH, Calif.– American Vanguard Corporation (NYSE: AVD) today announced that it has entered into an accelerated share repurchase (“ASR”) plan under the terms of which it will repurchase $20 million worth of its common stock. This will be in addition to its existing 10b5-1 repurchase plan dated March 14, 2022.
Chairman and CEO, Eric G. Wintemute, commented, “We started off the year strongly and, until the day of our last earnings call, our share price had been appreciating accordingly. However, the publication of erroneous financial information by both Bloomberg and SeekingAlpha on the morning of our Q2 2022 earnings call touched off selling activity that has severely undercut our share value. In fact, as I remarked last week, we are poised to achieve the highest full-year EBITDA in our company’s history. In addition, we continue to enjoy a strong balance sheet and ample borrowing capacity. Within this context, our board of directors and management strongly believe that these are ideal conditions for an accelerated share repurchase. By entering into an ASR, we are reaffirming our confidence in both the company’s prospects and the value of its common stock while, at the same time, making an investment that is immediately accretive to our stockholders.”
