Green DotCorp. said April 11 it signed a definitive agreement with Bank ofAmerica Merrill Lynch to purchase a total of $50 million of its class A commonstock under an accelerated stock repurchase transaction.
Actual repurchase activity under the agreement is subject tocertain conditions that have now been met.
Under the agreement, Green Dot will receive an initialdelivery of approximately 1.9 million shares. The final number of shares to berepurchased and the aggregate cost per share to Green Dot will be based on thecompany's volume-weighted average stock price during the term of thetransaction, which is expected to be completed by November.
The company said in a release that it is committed toexecuting the remaining $50 million under its $150 million repurchaseauthorization by 2017.