AvidXchange announces $100M share repurchase program

AvidXchange announced that its board has approved a share repurchase program effective immediately with authorization to purchase up to $100M of the company’s common shares. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, including pursuant to a Rule 10b5-1 plan. The timing, price and volume of the repurchases will be executed based on various market and legal factors, and subject to a $50M cap in any fiscal year pursuant to the terms of the company’s recently amended and restated credit facility. The share repurchase program will terminate upon the earlier of December 31, 2025 or the date on which the maximum dollar amount has been expended, but is subject to suspension, modification or termination at any time at the company’s discretion.