ON24 (NYSE: ONTF) (“ON24” or the “Company”), a leading sales and marketing platform for B2B digital engagement, today announced that the Company’s Board of Directors has authorized the replacement of the Company’s prior capital return program with a new $100 million capital return program. The Company intends to execute its capital return program with available cash on hand and expects to expeditiously initiate the program following its upcoming quarterly financial reporting announcement.
Since the fourth quarter of 2021, ON24 has repurchased $41 million of outstanding common stock under its prior $50 million repurchase authorization announced in December 2021. Upon completing the new capital return program, ON24 will have returned more than $140 million to shareholders since the fourth quarter of 2021.
The Board of Directors of ON24 issued the following statement in connection with the new capital program:
Following a review of our balance sheet relative to our business needs and in considering feedback from investors, we believe the substantial return of capital we are announcing today strikes an appropriate balance between maintaining our focus on growth and enhancing near-term value for our shareholders. The authorization still leaves ON24 with ample liquidity to invest in strategic priorities while navigating uncertain macro-economic headwinds.