Medifast Adopts $100M Accelerated Share Repurchase Program

• Medifast Inc (NYSE:MED) has entered into an accelerated share repurchase agreement (ASR) with JPMorgan Chase, National Association.
• Under the agreement, Medifast will repurchase an aggregate of $100 million of its common stock.
• The buyback equates to about 600,000 shares at the closing price on May 31, 2022, representing 5% of its outstanding stock.
• The company intends to fund the ASR program using available cash on hand and borrowings under its existing credit facility.
• Medifast held $122.1 million in cash and equivalents as of March 31, 2022.
• Price Action: MED shares are trading higher by 5.16% at $175.36 on the last check Wednesday.