EverQuote To Repurchase 900,000 Shares For $21 Mln From Chairman-Linked Entities

(RTTNews) - EverQuote, Inc. (EVER), an online insurance marketplace, on Monday announced it has agreed to repurchase 900,000 Class A common shares for $21 million from Link Ventures and other entities affiliated with Chairman and Co-Founder David Blundin.

The transaction was priced at $23.33 per share, reflecting a 1.75% discount to Friday's close and a 3.96% discount to the 10-day volume-weighted average price as of August 8. This buyback is part of a $50 million program announced earlier this month.

Blundin and Link Ventures agreed not to sell their EverQuote shares for 180 days, with some exceptions like Blundin's existing trading plan. After 90 days, Blundin can start a new trading plan but still cannot sell during the 180-day lock-up. He can also sell shares privately to approved long-term investors.

After the buyback, Blundin and Link Ventures will remain the largest shareholders, owning 18.8% of shares and 56.8% of voting power, down slightly from before. The total shares outstanding will drop from about 36.6 million to 35.7 million. The buyback should finish by August 12.

In the pre-market trading, EverQuote 0.06% lesser at $23.74 on the Nasdaq.