GigaCloud Adopts $25M Share Buyback Program
Portfolio Pulse from Shivani Kumaresan
GigaCloud Technology Inc (NASDAQ:GCT) has approved a $25 million share repurchase program for its Class A ordinary shares over the next 12 months. The company plans to fund the repurchases from its existing cash balance of $164.2 million.
June 14, 2023 | 10:48 am
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GigaCloud Technology's $25 million share buyback program may boost investor confidence and support the stock price.
The announcement of a share buyback program typically signals that a company believes its stock is undervalued and has confidence in its future prospects. This can boost investor sentiment and support the stock price in the short term. GigaCloud's stock price has already increased by 10.6% after the announcement, indicating a positive market reaction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100