(RTTNews) - Ibotta, Inc. (IBTA), a performance marketing platform for promotions, announced Wednesday that its Board of Directors authorized the purchase of up to an additional $100 million of its Class A stock, effective immediately.
The new authorization follows Board's previous approval for $300 million repurchase of the Class A stock.
The repurchase Program has no expiration date, and it may be made from time to time through open market repurchases or through privately negotiated transactions, subject to certain conditions.
Bryan Leach, Founder and CEO of Ibotta, said, "This new authorization reflects the Board's continued confidence in our long-term growth prospects and our commitment to a disciplined capital allocation strategy.... Our strong balance sheet and consistent cash flow generation allow us to return capital to our owners while continuing to invest in the Ibotta Performance Network."
In the overnight trading, Ibotta shares were gaining around 2.2 percent, after closing Wednesday's regular trading 1.8 percent lower at $21.89.
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