Silo Pharma, Inc. (Nasdaq: SILO), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced that its board of directors has authorized a share repurchase program to acquire up to $1,000,000 of the Company’s common stock. The Company may purchase common stock in the open market, through privately negotiated transactions, or otherwise, in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The Company had approximately 3,138,797 million shares of common stock outstanding as of November 10, 2022, as reported in its Quarterly Report for the period ended September 30, 2022.
“The current capital market conditions allow us to capture additional value for all shareholders through this measured buyback program. Our Board of Directors and executive management team remain committed to delivering value to our shareholders.”
Eric Weisblum, Chief Executive Officer
The timing, the number of shares repurchased, and prices paid for the stock under this program will depend on available liquidity, cash flows and market conditions as well as corporate and regulatory limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
About Silo Pharma
Silo Pharma. Inc. is a development-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as PTSD, Alzheimer’s disease, and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the healthcare industry.