“Unfortunately, while there was more than enough demand from potential investors, the overall market conditions were such that the prices offered were not at levels that I will entertain,” he said.
Ishbia decided not to sell any stocks for now as UWMC pushes its plans to increase its public float to a later date and accelerate its buyback program instead. UWM Holdings was trading at $6.73 at the time of publication, up 19.31%
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“We will be aggressive with utilizing our remaining buyback authorization at these prices, and if the market returns to a reasonable level, SFS will be willing to do its part by providing availability to increase the public float, but the terms have to make sense, and doing a deal today at these levels did not make sense to me,” Ishbia said.