Investing.com — Shares of Cytek Biosciences noticed a notable rise on Monday, climbing as a lot as 6.9% throughout intraday buying and selling after the corporate introduced approval of a brand new share buyback initiative.
This enhance constitutes essentially the most important enhance since November 6. Cytek Biosciences, an organization specializing in mobile evaluation expertise, revealed that its board of administrators has given the inexperienced gentle to a repurchase program, committing to repurchase as much as $50 million of its widespread inventory.
The newly approved buyback plan is anticipated to start on January 1, instantly following the expiration of the present buyback program, which is scheduled to finish on December 31.
The present buyback program, with an equivalent cap of $50 million, is in place and lively till its scheduled finish on the finish of the 12 months.
The launch of the brand new program is a part of the corporate’s monetary technique, aimed toward successfully managing its share capital.
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