Blade Air Mobility Shares Rise 12% After $20M Buyback Program

Dow Jones03-20

By Chris Wack

Blade Air Mobility shares were up 12% at $2.75 after the company said its board of directors has authorized the repurchase of up to $20 million of outstanding class A shares.

The technology-powered air mobility platform, which is down 11% in the past 12 months, said the share-buyback program will allow it to take advantage of stock price dislocations, when prudent.

The volume and timing of any repurchases will be subject to general business and market conditions, acquisition and corporate investment opportunities, and Blade's capital allocation strategy at the time.

The repurchase program doesn't obligate Blade to buy back a specific number of shares and may be modified, suspended or discontinued at any time.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

March 20, 2024 10:48 ET (14:48 GMT)

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