Landsea Homes Corporation (Nasdaq: LSEA), a publicly traded residential homebuilder, announced today that its Board of Directors (the “Board”) has approved a $10 million stock repurchase program. At the closing share price as of January 28, 2022, the share repurchase authorization represents approximately 13% of the Company’s current public float. Under the repurchase program, the Company may repurchase its common stock with an aggregate value of up to $10 million through June 30, 2022.
“This announcement reflects our confidence in the long-term outlook of Landsea Homes,” said John Ho, Chief Executive Officer. “We believe this is an attractive use of capital, and based on the strength of our balance sheet, see this as another opportunity to increase shareholder value.”
Purchases of common stock pursuant to this authority may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company is not obligated to repurchase any specific number or amount of shares of common stock, and it may modify, suspend or discontinue the program at any time. The Company will determine the timing and amount of repurchase in its discretion based on a variety of factors, such as the market price of the Company’s common stock, corporate requirements, general market economic conditions and legal requirements.
