Discover last month's biggest stock buyback announcements - April
May 2, 2023
Euro Tech Holdings Company Limited (CLWT) has recently authorized a share repurchase program, demonstrating their confidence in the company's future prospects. The Board of Directors has approved the repurchase of up to 230,000 shares of Euro Tech’s outstanding ordinary shares, amounting to a total purchase price of $300,000. This buyback plan allows Euro Tech to acquire its shares through various methods, including open market transactions and negotiated or block transactions, within the next 12 months, depending on market and business conditions. The Board believes that the current stock price does not accurately reflect Euro Tech’s potential, which they perceive to be higher, considering the stock's significant deviation from the Company's net asset value per share.
Coursera, Inc. has recently announced the approval of a share repurchase program, authorizing the purchase of up to $95 million of the company's common stock. This strategic move aims to counterbalance the dilution resulting from employee stock issuances granted in 2022, which were intended to attract, retain, and motivate key talent. The decision reflects the confidence of Coursera's Board of Directors and Management in the company's business and emphasizes their commitment to shareholder equity. By repurchasing shares, Coursera intends to leverage its strong balance sheet as a valuable asset, providing strategic flexibility and resilience to invest in their platform and lead the transformation of higher education. The repurchases will be executed in accordance with Coursera's capital allocation strategy, prioritizing long-term growth while demonstrating scale and leverage over time. Coursera may utilize various methods, including open market purchases and privately negotiated transactions, to execute the repurchases. The timing and total amount of repurchases will depend on several factors such as business conditions, market dynamics, and regulatory requirements. Coursera plans to fund the repurchases using its existing cash and cash equivalents.
ContextLogic Inc., operating as Wish, a leading global mobile ecommerce platform (NASDAQ: WISH), recently announced the approval of a share repurchase program authorizing the buyback of up to $50 million worth of its Class A common stock. The decision to initiate this repurchase program stems from Wish's belief in the current market's undervaluation of its shares and the favorable macroeconomic environment. By demonstrating confidence in the future of the business and commitment to delivering sustainable value to shareholders, Wish aims to unlock the long-term value and opportunities it foresees. Wish will assess various factors, including business conditions, prevailing stock prices, and regulatory requirements, to determine the timing, manner, and amount of share repurchases. The repurchase program, effective until December 31, 2023, allows for open market purchases, privately negotiated transactions, or other legally permissible means, while providing flexibility to suspend, terminate, or modify the program as needed.
Rafael Holdings, Inc. (RFL) recently announced that its Board of Directors has approved a share repurchase program, authorizing the buyback of up to $5 million of Rafael's Class B common stock. This decision reflects Rafael’s commitment to deploying capital strategically and opportunistically to enhance long-term shareholder value. With a strong balance sheet and favorable share price, Rafael Holdings believes that repurchasing its own stock is a compelling use of resources and demonstrates confidence in its value creation strategy. Rafael plans to execute the buyback through various methods, including open market purchases and privately negotiated transactions, while adhering to applicable securities laws and regulations. The timing and extent of the repurchases will depend on several factors, including market conditions and corporate requirements. This development coincides with Rafael's intention to leverage the expertise of its Executive Chairman, Howard Jonas, in identifying investment opportunities beyond the biopharma sector.
Performance Shipping Inc. (PSHG), a leading global shipping company specializing in tanker vessels, has announced its approval of a share repurchase plan. The Board of Directors has authorized the repurchase of up to US$2.0 million of its outstanding common shares, equivalent to approximately 21% of the market capitalization as of April 3, 2023. Andreas Michalopoulos, the CEO, highlighted the impact of rising interest rates, global economic uncertainty, and the recent banking crisis on capital markets and near-term sentiment. Given the recent share price development, Performance Shipping aims to provide flexibility to shareholders by repurchasing common stock as part of its capital allocation strategy. With a robust balance sheet and a positive outlook for the long-term tanker market, Performance Shipping Inc. plans to invest opportunistically, including through share buybacks. The repurchases will be made at management's discretion, considering attractive prices and the best interests of both Performance Shipping and its shareholders, while adhering to applicable securities laws and financial performance. The share repurchase plan, authorized by the Board of Directors, is effective immediately and expires on March 31, 2024, allowing Performance Shipping to adapt to market conditions and evaluate alternative investment opportunities as needed.
GEE Group Inc. (JOB), a leading provider of professional staffing services and human resource solutions, recently announced the approval of a share repurchase program. The Board of Directors has authorized the repurchase of up to $20 million worth of GEE Group’s common stock. Derek Dewan, Chairman and CEO, emphasized GEE Group’s commitment to balanced capital deployment for long-term, profitable growth and strategic acquisitions. The decision to implement the repurchase program is driven by the belief that GEE Group's shares are undervalued, presenting an attractive investment opportunity. The program reflects GEE Group’s confidence in its business model, significant cash flow generation, and the long-term prospects ahead. GEE Group intends to fund the program through operating cash flow and available cash reserves. The repurchases will be conducted through open market purchases and will be subject to various factors, including market conditions, regulatory requirements, and prevailing stock prices. The share repurchase program is scheduled to continue until December 31, 2023, with the possibility of further authorization at the Board's discretion.
Core & Main, Inc. (CNM) recently announced the launch of an underwritten secondary public offering of 5 million shares of its Class A common stock by certain selling stockholders. Core & Main, a leading provider of reliable infrastructure solutions, will not be offering any shares or receiving proceeds from the offering. In conjunction with the completion of the offering, Core & Main plans to repurchase and redeem 9,377,183 shares of its Class A common stock and 5,622,817 partnership interests of its subsidiary, Core & Main Holdings, LP. This repurchase, which is subject to the closing of the offering, highlights Core & Main's commitment to optimizing its capital structure and enhancing shareholder value.
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