Clean Energy Fuels Corp. announced that its Board of Directors has approved a share repurchase program for up to $30 million of the Company’s common stock with a prearranged stock repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934 (10b5-1 Plan).
The company has delivered continuous and sustainable improvements to its operating and fiscal management resulting in a dramatically enhanced balance sheet.
“Our decision to launch a stock repurchase program reflects the confidence that we have in the company’s current financial stability and our potential for future growth,” said Andrew J. Littlefair, Clean Energy president and CEO. “We have a great team that is working hard every day to further expand the use of our Redeem™ renewable fuel to fleets across the country. Redeem grew by 30% in 2019 and as we indicated in our latest earnings report this week, we anticipate that the acceptance of the ultra-clean fuel by additional customers to continue.”
Repurchases under the repurchase program may be effected from time to time through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, in each case subject to market conditions, applicable securities laws and other relevant factors. Repurchases may also be made under Rule 10b5-1 plans. The repurchase program does not have an expiration date, and it may be suspended or discontinued at any time.
Goldman Sachs & Co. will have the authority to repurchase the company’s shares in the open market, under the 10b5-1 Plan.