Callaway Golf Company (NYSE: ELY) disclosed that the Board of Directors has authorized the company to buy back up to $100 million in common stock in the open market or private transactions. Market conditions, buying opportunities, and other considerations will be evaluated from time to time, and strategic repurchases will be made as needed.
The buybacks will be made in accordance with Rule 10b-18 of the Securities Exchange Act of 1934. The buyback will be subject to market conditions, applicable legal requirements, and other factors, as well as the terms of the Company's credit facilities, which describe the amount of stock that can be bought back. The repurchase program does not require the Company to buy a certain number of shares and will continue until the Board of Directors decides to end it.
With a portfolio of worldwide brands including Callaway Golf, Topgolf, Odyssey, OGIO, TravisMathew, and Jack Wolfskin, Callaway Golf Company is an unequaled tech-enabled modern golf and active lifestyle company producing top golf equipment, apparel, and entertainment.
Furthermore, Callaway makes and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel, and other accessories, and delivers world-class golf entertainment experiences through Topgolf, its wholly-owned subsidiary, thanks to an uncompromising dedication to innovation.