Whoosh Board of Directors Approved Buyback Program

The company approved the parameters of the first stage of the project to repurchase its own shares to form a pool of options. The Board of Directors approved the repurchase of up to 1.5 million shares, which represents approximately 1.35% of their total number.

The buyback will take place one year after the buyback is approved. The program is valid from the date of approval until June 30, 2027 inclusive.

The maximum number of shares planned to be purchased in the option pool does not exceed 4.5 million (approximately 4% of the authorized capital).

Conditions under which the buyback was approved:

• The transaction volume in one day should not exceed 10% of the daily average. It is calculated 20 days before the start of transactions in organized commerce;
• Transactions must be carried out on the basis of requests addressed to an unlimited number of trading participants;
• Share repurchase operations cannot open organized operations. Furthermore, they cannot be carried out within 10 minutes before the end of the negotiation.

“The long-term manager incentive program is a strategically important decision for Whoosh. It will strengthen the connection between employee goals and company goals,” the press service quotes Whoosh CEO Dmitry Chuiko.

The Russian market in the CIS countries is far from saturated, explains Chuiko. According to him, the company observes an increasing volume of shares in free float, which was formed after the partial withdrawal of capital by some initial investors.

Whoosh became the only company to hold an initial public offering (IPO) in Russia during the crisis year of 2022. During the placement, the service managed to raise 2.1 billion rubles, which it used to expand the fleet of scooters electric by 55%.