Stock Repurchase Program Announced By Landsea Homes

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Landsea Homes Corporation (“Landsea Homes” or the “Company”), a publicly-traded residential homebuilder, said today that its Board of Directors (the “Board”) has approved a stock repurchase program worth $10 million.

The share repurchase authorization reflects about 13% of the Company’s existing public float at the closing share price on January 28, 2022.

Through June 30, 2022, the Company may repurchase up to $10 million in common stock under the repurchase program.

“This announcement reflects our confidence in the long-term outlook of Landsea Homes,” John Ho, Chief Executive Officer stated.

“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 under this authority may be made in open market transactions conducted through a broker-dealer at prevailing market prices, in block trades, or through other means in accordance with federal securities laws, including any trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

The Company is not required to repurchase any specific number or quantity of shares of common stock, and it has the right to alter, suspend, or terminate the program at any time.

The timing and quantity of the repurchase will be determined at the discretion of the Company based on a number of criteria, including the market price of the Company’s common stock, corporate requirements, general market economic conditions, and legal requirements.

Zach is our contributor covering home improvement and building renovation business news.