The company reported $303.6 million in cash, equivalents, and short-term investments as of March 31, providing a solid foundation for the buyback. Management plans to execute the repurchases through various channels, including open-market transactions, block trades, and privately negotiated deals. While the stock has struggled with a 1% decline over the last three months, this fresh commitment to returning value to shareholders marks a significant shift in market sentiment for the tech player.
Xunlei Launches $20 Million Share Buyback Program
Investors pushed Xunlei shares up 9% to $5.50 on Friday morning after the technology firm authorized a new $20 million repurchase program. The initiative, set to begin July 1, allows the company to buy back American Depositary Shares or common stock over the next 12 months using its existing cash reserves.
Comments (0)
No comments yet. Be the first!