MARANELLO - Ferrari N.V. (NYSE/EXM: NYSE:RACE), the Italian luxury sports car manufacturer, has continued its share repurchase strategy, buying back shares as part of a significant multi-year program. The company disclosed the recent acquisition of 20,888 common shares on the Euronext Milan (EXM) at an average price of €359.35 per share, totaling €7,506,037.63. The transactions were carried out between Monday and Friday of last week.
This move is a segment of the fourth tranche of Ferrari’s extensive share buyback initiative, which was publicized on November 7, 2023. The program is expected to reach approximately €2B by 2026, as outlined during the Capital Markets Day in 2022. Since the inception of this tranche, Ferrari has invested a total of €114,450,375.28 to repurchase 350,571 common shares on the EXM and an additional USD 30,295,782.71 (€27,798,654.09) for 83,738 common shares on the New York Stock Exchange (NYSE).
As of February 16, 2024, Ferrari holds 13,693,051 common shares in treasury, which represents 5.33% of the total issued share capital, accounting for both common and special voting shares, after adjusting for shares allocated under the company's equity incentive plan.
Since the commencement of the multi-year buyback program on July 1, 2022, Ferrari has acquired a cumulative total of 2,768,593 own common shares on both EXM and NYSE, including transactions for Sell to Cover, with a total consideration of €701,445,790.52.
The details of these transactions and a comprehensive overview of the buyback program are available on Ferrari’s corporate website in the Buyback Programs section. This information is based on a press release statement issued by Ferrari N.V.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.