The ONE Group Hospitality Inc. Announces $10 Million Share Repurchase Authorization
September 07 2022 - 4:30PM
Business Wire
The ONE Group Hospitality, Inc. (“The ONE Group” or the
“Company”) (Nasdaq: STKS) today announced that its Board of
Directors has authorized the commencement of a share repurchase
program for up to $10 million of its outstanding common stock.
“We have the strategies in place to be a differentiated leader
in the upscale and polished casual segments and are highly
confident in our long-term growth opportunities,” said Emanuel
“Manny” Hilario, President and CEO of The ONE Group. “This $10
million repurchase authorization enhances our ability to create
value for shareholders and is made possible by our balance sheet
strength and commitment to disciplined capital allocation.”
The shares may be repurchased on the open market, in privately
negotiated transactions, or otherwise in accordance with applicable
federal securities laws. The specific timing and amount of future
repurchases will be determined by market conditions, cash flow
requirements, securities law limitations, and other factors.
Repurchases may continue from time to time, as conditions permit,
until the number of shares authorized to be repurchased have been
acquired, or until the authorization to repurchase is terminated or
expires, whichever occurs first.
The share repurchase authorization will be used at management’s
discretion and will expire in two years, unless further extended by
the Board of Directors. The repurchase program may also be
suspended, modified, or discontinued at any time.
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is a global
hospitality company that develops and operates upscale and polished
casual, high-energy restaurants and lounges and provides
hospitality management services for hotels, casinos and other
high-end venues both in the U.S. and internationally. The ONE
Group’s focus is to be the global leader in Vibe Dining, and its
primary restaurant brands and operations are:
- STK, a modern twist on the American steakhouse concept with 23
restaurants in major metropolitan cities in the U.S., Europe and
the Middle East, featuring premium steaks, seafood and specialty
cocktails in an energetic upscale atmosphere.
- Kona Grill, a polished casual, bar-centric grill concept with
24 restaurants in the U.S., featuring American favorites,
award-winning sushi, and specialty cocktails in an upscale casual
atmosphere.
- ONE Hospitality, The ONE Group’s food and beverage hospitality
services business develops, manages and operates premier
restaurants and turnkey food and beverage services within high-end
hotels and casinos currently operating 13 venues in the U.S. and
Europe.
Additional information about The ONE Group can be found at
www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as “intend,”
“anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,”
and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. A number of factors could cause actual results
or outcomes to differ materially from those indicated by such
forward-looking statements, including but not limited to: (1) the
effects of the COVID-19 pandemic on our business, including
government restrictions on our ability to operate our restaurants
and changes in customer behavior, and our ability to hire
employees; (2) our ability to open new restaurants and food and
beverage locations in current and additional markets, grow and
manage growth profitably, maintain relationships with suppliers and
obtain adequate supply of products and retain employees; (3)
factors beyond our control that affect the number and timing of new
restaurant openings, including weather conditions and factors under
the control of landlords, contractors and regulatory and/or
licensing authorities; (4) our ability to successfully improve
performance and cost, realize the benefits of our marketing efforts
and achieve improved results as we focus on developing new
management and license deals; (5) changes in applicable laws or
regulations; (6) the possibility that The ONE Group may be
adversely affected by other economic, business, and/or competitive
factors; and (7) other risks and uncertainties indicated from time
to time in our filings with the SEC, including our Annual Report on
Form 10-K filed for the year ended December 31, 2021 and Quarterly
Reports on Form 10-Q.
Investors are referred to the most recent reports filed with the
Securities and Exchange Commission by The ONE Group Hospitality,
Inc. Investors are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made,
and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220907006160/en/
Investors: ICR Michelle Michalski or Raphael Gross (646)
277-1224 Michelle.Michalski@icrinc.com
Media: ICR Seth Grugle (646) 277-1272
seth.grugle@icrinc.com
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