NEW YORK – MultiPlan Corporation (NYSE:MPLN) (“MultiPlan” or the “Company”), a leading provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the U.S. healthcare industry, today announced that its Board of Directors has approved a new share repurchase program authorizing the Company to repurchase up to $100 million of its Class A common stock through December 31, 2023.
Commenting on the stock repurchase program, Dale White, CEO of MultiPlan, said, “We are committed to strategically deploying our capital to drive long-term value for stockholders. Although the focus of our capital allocation strategy is investing in the business for growth, M&A and debt pay-down, we believe that our shares are undervalued and repurchasing our shares may be an attractive component of our strategy given the market dislocation of our stock price. For these reasons, our board has approved a new program to replace the program that expired in December 2022. This share repurchase program demonstrates our confidence in the strength of MultiPlan’s business and cash flow.”
MultiPlan may repurchase shares from time to time using a variety of methods, which may include open market purchases, in privately negotiated transactions or by other means, including through the use of preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased during periods the Company might otherwise be precluded from doing so under insider trading laws. The timing and amount of any share repurchases will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchased shares will be held in treasury shares and will be available for use in connection with the Company’s stock plans and for other corporate purposes. There is no guarantee as to the number of shares that will be repurchased. The repurchase program expires on December 31, 2023, and the repurchase program may be extended, suspended or discontinued at any time without prior notice at the Company’s discretion. Share repurchases will be funded using the Company’s cash on hand and cash from operations.
MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics and a team rich with industry experience, MultiPlan interprets customers’ needs and customizes innovative solutions that combine its payment and revenue integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, government and property and casualty markets. For more information, visit multiplan.com.