TULSA, Okla. — AAON Inc. announced that its Board of Directors has authorized the Company to make up to $20 million in purchases of the Company’s common stock at prevailing market prices from time to time through open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
The actual timing, number of value of shares repurchased by the Company under the stock buyback program will depend on several factors, including price, general market and business conditions as well as alternative investment opportunities. The payment for shares repurchased under the stock buyback program will be funded through the Company’s cash on hand and all shares repurchased will be restored to the status of authorized but unissued stock.
“We are pleased our strong capital position enables us to announce this stock buyback program and continue to return value to our stockholders, all while maintaining our significant 2020 capital expenditure program,” said Norman H. Asbjornson, CEO.
“Given recent market conditions, we believe this stock buyback program provides an attractive investment opportunity for the Company and also underscores our confidence in the quality of our business and ability to continue generating free cash flow,” said Gary D. Fields, president.
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