SAN FRANCISCO — Instacart, which operates under the parent company Maplebear Inc., said in an SEC filing it will buy back up to $500 million in stock. Shares in the company went up over 8% Wednesday on the news.
On June 2, 2024, the Board of Directors of Maplebear Inc. approved a share repurchase program with authorization to purchase up to an aggregate of $500 million of the Company’s common stock. At the time of the authorization, no capacity remained under the $1 billion share repurchase program previously authorized by the Board in November 2023 and February 2024, which program resulted in the repurchase of approximately 34 million shares. The Share Repurchase Program has no expiration date.
Repurchases under the Share Repurchase Program may be made from time to time through open market repurchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors.
