(RTTNews) - XP Inc. (XP) said that its board has approved a new share repurchase program. Under the repurchase program, the company may repurchase up to the amount in dollars equivalent to R$1.0 billion of its outstanding Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on November 20th, 2024 continuing until the earlier of the completion of the repurchase or November 20th 2025, depending upon market conditions.
XP expects to utilize its existing cash to fund repurchases made under the repurchase program.
The board of directors of XP has authorized management to appoint a broker for the repurchase program to purchase the Class A common shares on its behalf in the open market.
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