Performance Shipping Inc. Initiates New $2M Share Buyback Plan
Portfolio Pulse from Happy Mohamed
Performance Shipping Inc. (NASDAQ:PSHG) has completed its $2 million share repurchase plan announced in April 2023, buying back 2,222,936 common shares. The company's Board of Directors has approved a new share repurchase plan, allowing the company to buy back up to $2 million of its outstanding common shares, approximately 12.2% of its market capitalization. The new plan is effective immediately and expires on August 31, 2024.
August 21, 2023 | 1:31 pm
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Performance Shipping Inc. has completed a $2 million share buyback and initiated a new one of the same value. This could potentially increase the stock price due to the reduction in available shares.
Share buybacks reduce the number of shares available in the market, which can increase the stock price if demand remains constant. The company's decision to initiate another buyback indicates confidence in its financial stability and commitment to return capital to shareholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100