Gogo rises after 1.5 mln share repurchase from Blackrock

Gogo

16/09/2022 16:57

** Shares of in-flight internet provider Gogo Inc  GOGO.O 
up 5.60% at $12.90 - set for biggest daily percentage rise in
over a month
    ** GOGO says it will repurchase 1.50 mln shares of common
stock owned by affiliates of BlackRock Inc  BLK.N  for $18.35
mln, or $12.23/shr
    ** Repurchase will take place on or before Sept 21 and is
expected to be funded with cash on hand
    ** BlackRock inadvertently acquired more than 4.9% of GOGO
ownership, exceeding the threshold stipulated in its agreement
    ** GOGO requested that BlackRock divest its ownership below
4.9%
    ** More than 2.40 mln shares traded, over 3 times their
25-day moving avg
    ** Four of 8 brokerages rate the stock "buy" or higher, 3
"hold" and 1 "sell" or lower; their median PT is $21.16 -
Refinitiv data
    ** Up to Thursday's close, stock had fallen 4.43% YTD

 (Reporting by Arshreet Singh in Bengaluru)
 ((arshreet.singh@thomsonreuters.com
Twitter: https://twitter.com/Arshreets))