17
October 2024
Nexxen International
Ltd
("Nexxen"
or the "Company")
Nexxen Seeking Authorization
for New $50 Million Ordinary Share Repurchase
Program
Nexxen International
Ltd. (AIM/NASDAQ: NEXN) ("Nexxen" or the "Company"), a global,
flexible advertising technology platform with deep expertise in
data and advanced TV, today announced that
the Company is seeking authorization to
repurchase directly (or through one or more of its subsidiaries) a
further $50 million of its Ordinary Shares from time to
time.
As an Israeli company, Nexxen is
required to comply with newly-adopted
Israeli regulations that require the Company to await the
expiration of a creditor objection period
before the new Ordinary Share repurchase
program can become effective. The newly adopted Israeli regulations
replace the mandatory Israeli court approval that was in effect
prior to the new regulations, resulting in a shorter authorization
process. In addition, the commencement of the Ordinary Share
repurchase program is subject to receipt of the consent of the
Company's bank lenders.
Following the expiration of the
creditor objection period, and assuming no
objections and the receipt of consent, the
authorization will provide Nexxen with the right to repurchase its
Ordinary Shares but does not require the Company or its
subsidiaries to acquire any, or a specific number of, Ordinary
Shares.
The Company will provide an update
upon commencement of the Ordinary Share repurchase program and
announce the terms of any program commenced or indicate if the
commencement of the program will be postponed due to
Company creditor objections or the Company's bank
lenders not providing consent.
Any Ordinary Shares acquired by the
Company as a result of the repurchase program will be reclassified
as dormant shares under the Israeli Companies Law (without any
rights attached thereon) and will be held in treasury, and any
Ordinary Shares acquired by a subsidiary of the Company as a result
of the repurchase program will be held by such subsidiary without
any voting rights under the Israeli Companies Law.
The share repurchase program does
not obligate Nexxen or its subsidiaries to repurchase any
particular amount of Ordinary Shares and the program may be
suspended, modified, or discontinued at any time at the Company's
discretion (if not in a close period), subject to applicable
law.
The Company's current Share
Repurchase Program of up to $50 million expires on 1 November
2024.
About Nexxen
Nexxen empowers advertisers,
agencies, publishers and broadcasters around the world to utilize
data and advanced TV in the ways that are most meaningful to them.
Our flexible and unified technology stack comprises a demand-side
platform ("DSP") and supply-side platform ("SSP"), with the Nexxen
Data Platform at its core. With streaming in our DNA, Nexxen's
robust capabilities span discovery, planning, activation,
monetization, measurement and optimization - available individually
or in combination - all designed to enable our partners to achieve
their goals, no matter how far-reaching or hyper niche they may
be.
Nexxen is headquartered in Israel
and maintains offices throughout the United States, Canada, Europe
and Asia-Pacific, and is traded on the London Stock Exchange (AIM:
NEXN) and NASDAQ (NEXN). For more information, visit
www.nexxen.com.
For
further information please contact:
Nexxen International Ltd.
Billy Eckert, Vice President of Investor Relations
ir@nexxen.com
Caroline Smith, Vice President of
Communications
csmith@nexxen.com
Vigo
Consulting (U.K. Financial PR & Investor
Relations)
Jeremy Garcia / Peter Jacob
Tel: +44 20 7390 0230 or nexxen@vigoconsulting.com
Cavendish Capital Markets Limited
Jonny Franklin-Adams / Seamus Fricker / Rory Sale (Corporate
Finance)
Tim Redfern / Jamie Anderson (ECM)
Tel: +44 20 7220 0500
Forward Looking
Statements
This press release contains
forward-looking statements, including forward-looking statements
within the meaning of Section 27A of the United States Securities
Act of 1933, as amended, and Section 21E of the United States
Securities and Exchange Act of 1934, as amended.
Forward-looking statements are identified by words such as
"anticipates," "believes," "expects," "intends," "may," "can,"
"will," "estimates," and other similar expressions. However, these
words are not the only way Nexxen identifies forward-looking
statements. All statements contained in this press release that do
not relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding benefits related to Nexxen's Ordinary Share repurchase
programs, the timing of Nexxen's Ordinary Share repurchase
programs, and any other statements related to Nexxen's future
financial results and operating performance. These statements are
neither promises nor guarantees but involve known and unknown
risks, uncertainties and other important factors that may cause
Nexxen's actual results, performance or achievements to be
materially different from its expectations expressed or implied by
the forward-looking statements. Nexxen cautions you not to place
undue reliance on these forward-looking statements. For a more
detailed discussion of these factors, and other factors that could
cause actual results to vary materially, interested parties should
review the risk factors listed in the Company's most recent Annual
Report on Form 20-F, filed with the U.S. Securities and
Exchange Commission (www.sec.gov)
on March 6, 2024. Any forward-looking statements made by
Nexxen in this press release speak only as of the date of this
press release, and Nexxen does not intend to update these
forward-looking statements after the date of this press release,
except as required by law.
Nexxen, and the Nexxen logo are
trademarks of Nexxen International Ltd. in the
United States and other countries. All other trademarks are
the property of their respective owners. The use of the word
"partner" or "partnership" in this press release does not mean a
legal partner or legal partnership.
