Global-e authorizes $200 million share repurchase program

Global-e Online Ltd. (NASDAQ: GLBE) announced that its board of directors has authorized a share repurchase program for up to $200 million of the company's ordinary shares.

The e-commerce platform company stated this marks its first stock repurchase program. Chief Financial Officer Ofer Koren said the authorization demonstrates confidence in the company's cash flow generation ability and commitment to increasing shareholder value.

Under the program, Global-e may repurchase securities through various methods including open market purchases and privately negotiated transactions, in accordance with U.S. securities laws and regulations. The company may also enter into Rule 10b5-1 plans to facilitate repurchases.

The repurchase program does not obligate Global-e to acquire any specific amount of securities and may be suspended or discontinued at the company's discretion. Repurchases can begin after a 30-day period for creditor objections concludes, as required under Israeli regulations.

The timing, number and value of securities repurchased will depend on factors including market price of the company's shares, general market conditions, financial results and liquidity. Global-e expects to fund repurchases with cash on hand and future cash generated from operations.

Global-e operates as a platform enabling direct-to-consumer e-commerce globally, serving over 1,400 brands and retailers across North America, EMEA and APAC regions. The company provides localized shopping experiences for customers in over 200 destinations worldwide.

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