HireRight Board of Directors Authorizes Additional $25 Million Share Repurchase Program

NASHVILLE, Tenn. ~ HireRight Holdings Corporation, a leading provider of background screening services, has announced that its Board of Directors has authorized an additional $25 million share repurchase program. The repurchase program will allow the company to purchase shares of its common stock on a discretionary basis from time to time through open market repurchases or privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and actual number of shares repurchased will depend on a variety of factors such as stock price, trading volume, market conditions and other general business considerations.

The repurchase program may be modified, suspended or terminated at any time and may be funded from the Company's existing cash and cash equivalents and future cash flows. As of September 11, 2023, the Company had approximately $53 million in cash and cash equivalents. This program follows two previous programs announced in November 14, 2022 and June 22, 2023 respectively which saw the company repurchase 11,674,540 shares at an average price including commissions of $10.71 per share.

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HireRight is a leading global provider of technology-driven workforce risk management and compliance solutions providing comprehensive background screening services for approximately 37,000 customers across the globe. In 2022 alone they screened over 24 million job applicants, employees and contractors for their customers while processing over 107 million screens.

The announcement was made with a safe harbor statement that this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on current expectations about future events affecting HireRight Holdings Corporation which are subject to uncertainty and changes in circumstances which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
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