Star Bulk, a global shipping company focusing on the transportation of dry bulk cargoes, announced that its Board of Directors authorized a share repurchase program to purchase up to an aggregate of $50.0 million of the Company’s common shares.
The timing and amount of any repurchases will be in the sole discretion of the Company’s management team, and will depend on legal requirements, market conditions, stock price, alternative uses of capital and other factors.
Repurchases of common shares may take place in privately negotiated transactions, in open market transactions pursuant to Rule 10b-18 of the Exchange Act and/or pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act.
The Company is not obligated under the terms of the program to repurchase any of its common shares.
The repurchase program has no expiration date and may be suspended or terminated by the Company at any time without prior notice.
Common shares repurchases as part of this program will be cancelled by the Company.