SÃO PAULO–(BUSINESS WIRE)–May 11, 2022–
XP Inc. (Nasdaq: XP), today announced that its Board of Directors has approved a stock repurchase program. Under the repurchase program, XP may repurchase up to a dollar amount equivalent to R$1.0 billion (one billion Brazilian reais) of its outstanding Class A ordinary shares on the open market, on the basis of prevailing market prices, or in privately negotiated transactions, over a period beginning on May 12, 2022 and continuing until the earlier of the completion of the redemption or May 12, 2023, depending on market conditions . XP’s Board of Directors will periodically review the buyback program and may authorize adjustments to its terms and size or suspend or discontinue the buyback program. XP plans to use its existing cash to fund redemptions made under the buyback program.
XP’s board of directors has authorized management to appoint a repurchase broker to purchase the Class A common shares on its behalf in the open market. Such purchases may benefit from the safe harbor provided by Rule 10b-18 and/or Rule 10b5-1, promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.
The actual timing, number and value of shares repurchased under the repurchase program will depend on several factors, including the constraints specified in Rule 10b-18, price, general business and market conditions and opportunities alternative investments. The repurchase program does not obligate XP to acquire a specific number of shares within a given period and may be extended, extended, modified or discontinued at any time.
XP is a leading technology platform and a trusted provider of low-cost financial products and services in Brazil. XP’s mission is to disintermediate the legacy models of traditional financial institutions by:
- Educate new classes of investors;
- Democratize access to a wider range of financial services;
- Develop new financial products and technology applications to empower clients; and
- To provide industry-leading customer service and customer experience in Brazil.
XP offers its clients two main types of offerings, (i) financial advisory services for retail clients in Brazil, high net worth clients, international clients and corporate and institutional clients, and (ii) a open form of financial products giving access to more than 800 investment products, including equities and fixed income, mutual funds and hedge funds, structured products, life insurance, pension plans , real estate investment trusts (REITs) and others of XP, its partners and competitors.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date first issued and are based on expectations, estimates, forecasts and projections as well as management’s beliefs and assumptions. Words such as “expect”, “anticipate”, “should”, “believe”, “hope”, “aim”, “target”, “project”, “goals”, “estimate”, “potential” , “predict”, “may”, “will”, “could”, “could”, “intend”, variations of these terms or the negative form of these terms and similar expressions are intended to identify these forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond XP Inc’s control. implied in forward-looking statements due to many factors, including, but not limited to: competition, changing customers, regulatory actions, changing external forces, among other factors.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220511006121/en/
CONTACT: For any questions, please contact:André Martins
Investor contact: [email protected]
Investor Relations website: Investors.xpinc.com
KEYWORD: SOUTH AMERICA BRAZIL
INDUSTRY KEYWORD: FINANCIAL DATA MANAGEMENT PROFESSIONAL SERVICES SOFTWARE TECHNOLOGY
SOURCE: XP Inc.
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PUBLISHED: 05/11/2022 17:48 / DISK: 05/11/2022 17:48