MarineMax announced that its board of directors approved a stock repurchase plan. It authorizes the company to repurchase 2.33 million shares of its common stock during the period from yesterday through the end of February 2021.
The move follows the February 2017 repurchase of up to 2 million shares, of which 1.67 million had been repurchased. In a statement, MarineMax said shares that had not been repurchased under the previous plan have been carried over to the new program. With the new plan, MarineMax can purchase common stock on the open market or through privately negotiated transactions.
The amount and timing of purchases will depend on the price and availability of stocks, general market conditions and other factors. MarineMax said it intends to repurchase shares “to mitigate the dilutive effect of stock options.” Shares repurchased may be reserved for later reissue in connection with employee benefit plans and other general corporate purposes.