PROG Holdings, Inc. filed a Form 8-K on November 2, 2026, disclosing that on October 29, 2026, the company entered into a $100 million accelerated share repurchase program with Bank of America, N.A.

Key Highlights

  • Repurchase size: The company agreed to repurchase an aggregate of $100 million of its common stock, par value $0.50 per share.
  • Counterparty: The accelerated share repurchase program was entered into with Bank of America, N.A.
  • Initial delivery: Approximately 2.59 million shares of common stock were delivered to the company upon payment of the $100 million repurchase price on October 29, 2026.
  • Board reauthorization: The program is being executed under a share repurchase program reauthorized by the Board of Directors on October 26, 2026.
  • Expected settlement: Final settlement of the accelerated share repurchase program is expected to be completed by the end of the first quarter of 2027.
  • Funding source: The company disclosed it is funding the program with existing cash and borrowings under its credit agreement.

PROG Holdings Enters $100M ASR Program with Bank of America, Receives Initial 2.59 Million Shares

According to the filing, PROG Holdings, Inc. (NYSE:PRG) entered into an accelerated share repurchase program on October 29, 2026, paying $100 million to Bank of America, N.A. in exchange for an initial delivery of approximately 2.59 million shares of common stock. The program operates under the company's existing share repurchase authorization, which the Board of Directors reauthorized on October 26, 2026.

The filing states that the total number of shares ultimately repurchased under the program will be determined by the volume-weighted average prices of the common stock during the term of the program, less a discount and subject to adjustments. At settlement, the filing notes that under certain circumstances, Bank of America may be required to deliver additional shares to the company, or the company may be required, at its election, to deliver shares or make a cash payment to Bank of America.

The filing describes the agreement as containing "provisions customary for agreements of this type," including provisions for adjustments to transaction terms and circumstances under which the program may be accelerated, extended, or terminated early by Bank of America. Final settlement is expected by the end of the first quarter of 2027, according to the company's disclosure. The filing includes forward-looking statements regarding the program that the company identifies as subject to risks and uncertainties, including changes in market price or trading volume of the common stock and the possibility that the Board of Directors may modify, suspend, or discontinue the reauthorized share repurchase program at any time.

What Was Disclosed

PROG Holdings disclosed a $100 million accelerated share repurchase agreement with Bank of America, N.A., dated October 29, 2026, including an initial delivery of approximately 2.59 million shares, with final settlement expected by the end of the first quarter of 2027.