Safeguard Scientifics Announces Completion of Share Repurchase Program

Safeguard Scientifics

RADNOR, PASafeguard Scientifics, Inc. (NASDAQ: SFE) this week announced the completion of the $3 million share repurchase program announced in March 2022.

As a result of this plan, the Company repurchased an aggregate of 736,577 shares for an average price of $4.09 per share.   During the year ended December 31, 2022, the Company repurchased 711,481 shares for an average price of $4.13 per share utilizing $2.9 million of the authorization. The remainder of the shares were repurchased in January 2023.

The Plan was operated in accordance with the requirements of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. These repurchases used existing funds and were made in open market or privately negotiated transactions.

Additionally, the Company ended December 31, 2022 with $19.3 million of cash, cash equivalents, restricted cash and marketable securities. Safeguard’s deployments for the year ended December 31, 2022 totaled $5.7 million, as compared to the full year 2022 deployments estimate of $5 million to $9 million previously disclosed.

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