NEW YORK - DocGo Inc. (NASDAQ: DCGO), a provider of mobile health services, has announced the repurchase of 1.25 million shares of its common stock at an average price of $3.88 per share as part of its ongoing share repurchase program. This program, which began on January 31, 2024, authorizes the company to buy back up to $36 million of its stock by July 30, 2024.
In addition to these repurchases, DocGo has initiated a 10b5-1 trading plan to facilitate the acquisition of an additional $10 million of its common stock. This plan is designed to allow the company to continue its stock repurchases during the upcoming quarterly blackout period starting on Friday.
DocGo's CEO, Lee Bienstock, commented on the company's commitment to delivering profitable growth and creating shareholder value, citing the strong full-year results of 2023 as a basis for the belief that the share repurchases will enhance the use of capital.
The repurchases made under the 10b5-1 trading plan will be carried out through an independent broker and will comply with the Securities Exchange Act of 1934's rules. However, there is no guarantee regarding the exact number or total value of shares that will be repurchased under this plan.
Based on a press release statement, this article highlights DocGo's recent financial activities without endorsing the company's claims or future prospects. It is important to note that forward-looking statements are subject to various risks and uncertainties, and actual outcomes may differ from those projected.
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