When does the current Potbelly Sandwich Works stock repurchase program expire?
Potbelly_Sandwich_Works Franchise · 2025 FDDAnswer from 2025 FDD Document
se Program was terminated on May 7, 2024.
On May 7, 2024, our Board of Directors authorized a stock repurchase program for up to $20.0 million of our outstanding common stock at any time during the next three years ("2024 Repurchase Program"). This program replaces the 2018 Repurchase Program, which was terminated upon execution of the 2024 Repurchase Program. The program permits us, from time to time, to purchase shares in the open market (including in pre-arranged stock trading plans in accordance with the guidelines specified in Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended (the "Exchange Act") or in privately negotiated transactions). The number of common shares actually repurchased, and the
timing and price of repurchases, will depend upon market conditions, SEC requirements and other factors. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors. For fiscal year 2024, we repurchased 164,046 shares of our common stock under the 2024 Repurchase Program for an aggregate of $1.4 million. including cost and commission, in open market transactions. As of December 29, 2024, the remaining dollar value of authorization under the 2024 Repurchase Program is $18.6 million. Repurchased shares are included as treasury stock in the consolidated balance sheets
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS, AND TRAINING (FDD pages 37–49)
What This Means (2025 FDD)
According to Potbelly Sandwich Works's 2025 Franchise Disclosure Document, the current stock repurchase program, authorized on May 7, 2024, allows the company to repurchase up to $20.0 million of its outstanding common stock. This program is set to last for three years from the authorization date.
Therefore, the 2024 Repurchase Program will expire on May 7, 2027. This program replaced the previous 2018 Repurchase Program, which was terminated on May 7, 2024. As of December 29, 2024, Potbelly Sandwich Works had repurchased 164,046 shares under the 2024 program for an aggregate of $1.4 million, leaving $18.6 million remaining for future repurchases.
For a potential franchisee, this information provides insight into how Potbelly Sandwich Works manages its capital and shareholder value. Stock repurchase programs can influence the stock's market price and are often seen as a sign of the company's financial health and confidence in its future prospects. The ability to start or stop purchases at any time based on market conditions also provides Potbelly Sandwich Works with flexibility in managing its resources.