Mobile Infrastructure board authorizes $10M share buyback program

Mobile Infrastructure Corporation announced several strategic actions to enhance shareholder value. The Company has secured a $40.4 million line of credit from Harvest Small Cap Partners, L.P. and Harvest Small Cap Partners Master, Ltd. that will be used to achieve three primary objectives, namely to: Provide flexibility to fund future preferred stock redemptions in cash rather than common stock; Pay all accrued dividends on the preferred stock to date; and commence a common stock repurchase plan. Mobile Infrastructure’s Board of Directors also announced that it has authorized a $10 million share buyback program. Repurchases may be made from time to time through open-market purchases or privately negotiated transactions, subject to market conditions and other relevant factors. Jeff Osher, Co-Chairman of the Board of Directors, stated, “The strategic actions announced today demonstrate our Board and management team’s focus on increasing shareholder value. This credit facility provides Mobile with capital flexibility to eliminate future dilution from preferred stock conversions and the associated technical overhang on the stock. The Board’s authorization of a $10 million buyback program reflects our belief that Mobile’s stock is undervalued and represents a compelling opportunity for the Company to increase shareholder value. We believe that a material gap exists between Mobile’s NAV and the current market price of its shares, and we are committed to exploring strategic actions to narrow that gap.”