REDWOOD CITY, Calif. – June 3, 2021 – C3 AI (NYSE:AI), the Enterprise AI software company, today announced that its Board of Directors has authorized a stock repurchase program of up to $100 million of C3 AI’s class A common stock over the next 18 months. The timing and number of shares actually purchased under the program will depend on market conditions and applicable legal requirements, among other factors.
“We believe strongly in the opportunities ahead for C3 AI, and our potential for creating significant long-term value for all our stakeholders as we execute on our strategic vision,” said Thomas M. Siebel, CEO of C3 AI. “We see this as an attractive use of capital while still allowing us to invest in our growth.”
As of the end of second quarter of fiscal year 2022, C3 AI had approximately $1.1 billion in cash, cash equivalents, and investments on the balance sheet.
Under the program, purchases can be made from time to time using a variety of methods, including open market purchases, all in compliance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The program does not obligate C3 AI to acquire any particular amount of shares, and the repurchase program may be modified, extended, suspended or discontinued at any time at the company’s discretion.