YARDLEY,
Pa., Oct. 3, 2024 /PRNewswire/ -- Smart Sand,
Inc. (NASDAQ: SND) ("Smart Sand" or the "Company") announced today
that its board of directors has declared a special cash dividend on
the Company's common stock of $0.10
per share, payable on October 28,
2024, to stockholders of record as of the close of business
on October 15, 2024.
The Company also announced today that its board of directors
approved a share repurchase program authorizing the Company to
repurchase up to $10.0 million of the
Company's outstanding shares of common stock through April 3, 2026. The timing, manner, price, and
amount of any repurchases under the share repurchase program will
be determined by the Company at its discretion. Purchases may be
effected through open market transactions, privately negotiated
transactions, transactions structured through investment banking
institutions, or other means. The Company is not obligated to
repurchase any specific number of shares and the program may be
modified, suspended, or discontinued at any time.
"We are excited to return value to our stockholders through this
initial special dividend," said Charles
Young, the Company's Chief Executive Officer. "Our
consistent focus on reducing costs, maintaining low leverage levels
and increasing operational efficiency has provided us with the
opportunity to declare this special dividend and to initiate this
share buyback program. We plan to continue to be diligent in
pursuing our long term goals of low leverage levels, sufficient
levels of liquidity and positive free cash flow generation along
with looking to return value to our stockholders opportunistically
going forward."
About Smart Sand:
Smart Sand is a fully integrated frac and industrial sand supply
and services company, offering complete mine to wellsite proppant
and logistics solutions to our frac sand customers, and a broad
offering of products for industrial sand customers. The Company
produces low-cost, high quality Northern White sand, which is a
premium sand used as a proppant to enhance hydrocarbon recovery
rates in the hydraulic fracturing of oil and natural gas wells. The
Company's sand is also a high-quality product used in a variety of
industrial applications, including glass, foundry, building
products, filtration, geothermal, renewables, ceramics, turf &
landscaping, retail, recreation and more. The Company offers
logistics solutions to its customers through in-basin transloading
terminals and its SmartSystems™ wellsite storage and sand
management capabilities. Smart Sand owns and operates premium sand
mines and related processing facilities in Wisconsin and Illinois, which have access to four Class I
rail lines, allowing the Company to deliver products substantially
anywhere in the United States and
Canada. For more information,
please visit www.smartsand.com.
Contact:
Lee Beckelman
Phone: (281) 231-2660
Email: lbeckelman@smartsand.com
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SOURCE Smart Sand, Inc.
