Avantax, Inc. (NasdaqGS:AVTA) announces a share repurchase program. Under the offer, the company will repurchase up to $250 million worth of its shares. The shares will be repurchased at a price of not less than $27 per share and at a price of not more than $31 per share.

The purpose of the offer is to provide all stockholders with the opportunity to elect to tender all or a portion of their shares and thereby receive a return of some or all of their investment if they so elect; and the offer also affords stockholders the option not to participate and, thereby, to increase their relative percentage ownership interest in the company and its future results. The offer will be funded with cash on hand (using proceeds from the TaxAct sale and with borrowings under the company's delayed draw term loan facility. The company intends to cancel and retire shares purchased pursuant to the offer.

If more than $250 million worth of shares are duly tendered before the expiration of the offer and not withdrawn then the company will first repurchase shares from Odd lot holders (shareholders who own fewer than 100 shares) and then subject to the conditional tender provisions described, on a pro rata basis, with appropriate adjustment to avoid purchases of fractional shares, will repurchase from all other stockholders who properly tender shares at or below the purchase price and do not properly withdraw them before the expiration time and lastly, only if necessary, will repurchase from holders who have tendered shares at or below the purchase price conditionally (for which the condition was not initially satisfied) by random lot, to the extent feasible. The company expressly reserves the right to purchase additional shares up to 2% of the issued and outstanding shares without extending the offer. The offer will expire on February 24, 2023, unless otherwise extended.

As of January 24, 2023, the company had 48,144,494 issued and outstanding shares.