Riskified To Seek Israeli Court Nod For Up To $75 Mln Of Share Repurchase Program

(RTTNews) - Riskified Ltd. (RSKD), an e-Commerce fraud prevention technology provider, said on Tuesday that it intends to file a motion before an Israeli court to obtain its approval for previously authorized up to $75 million of share repurchase program.

Under Israeli law, the company's share repurchase drive is subject to the receipt of court approval, which would cover an initial period of six months. After which the company should renew the court nod to continue with the program.

"We expect to file a motion with the Israeli court on or around September 6, 2023, requesting that the Israeli court provide up to $75 million of share repurchase authority. The court approval process is expected to take several months," the company said in a statement.

On August 8, Riskified had authorized a share buyback of up to $75 million of its shares. The company added that it intends to fund repurchases from existing cash and cash equivalents.