Asana surged from $11.69 to $12.95 on June 21st following a stock buyback announcement, alerted to Levelfields users at 4:40pm the day prior, resulting in a one-day return of over 15.30%.

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Asana, Inc. ASAN ASAN, a leading work management platform, today announced that its Board of Directors has approved a stock repurchase program authorizing Asana to repurchase up to $150 million of its Class A common stock through June 30, 2025.

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"I'm pleased to share that, after careful consideration, our Board has authorized a stock repurchase program of up to $150 million over the next 12 months. This is a good investment opportunity for us as I believe our shares are undervalued given our immense long-term potential," said Dustin Moskovitz, co-founder and chief executive officer of Asana.

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"With over $500 million of cash, cash equivalents, and investments on the balance sheet and a commitment to becoming free cash flow positive by the end of this year, we have the financial leverage and resources. AI is transforming how we work, and Asana is delivering the ideal platform for this new era where people and AI collaborate to reach new levels of productivity and innovation."

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Under the program, which is designed to return value to Asana's stockholders and reduce share count over time, Asana may repurchase shares in the open market, through privately negotiated transactions, by entering into structured repurchase agreements with third parties, by making block purchases, and/or pursuant to Rule 10b5-1 trading plans. 

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