Safe Bulkers announced that it has authorized a program under which it may from time to time in the future purchase up to 5,000,000 shares of the Company’s common stock.
If the maximum number of shares of the Company’s common stock are purchased pursuant to the aforementioned program, it would represent approximately 4.9% of the shares of the Company’s common stock outstanding and 9.7% of its public float.
The program does not obligate the Company to purchase shares of the Company’s common stock and the program may be modified or terminated at any time without prior notice. Any such purchases will be made in the open market in compliance with applicable laws and regulations, and such purchases on the open market will be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. The purchases will be funded using the Company’s existing cash resources.