Gentherm Initiates $60M Accelerated Share Repurchase Agreement
Portfolio Pulse from Benzinga Newsdesk
Gentherm (NASDAQ:THRM) has initiated a $60 million accelerated share repurchase agreement (ASR) with Bank of America. The agreement is part of the company's ongoing stock repurchase program, which has been extended through June 30, 2024. The company will initially receive approximately 1.22 million common shares, with the final number of shares to be repurchased based on the volume-weighted average price of Gentherm's common shares during the term of the transaction.
November 02, 2023 | 12:24 pm
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Gentherm's initiation of a $60 million accelerated share repurchase agreement could potentially increase the company's stock price in the short term due to the reduction in the number of shares available in the market.
Share repurchase programs are often seen as a sign of a company's confidence in its own stock, and can lead to an increase in the stock price due to the reduction in the number of shares available in the market. Given that Gentherm is initiating a $60 million accelerated share repurchase agreement, this could potentially increase the company's stock price in the short term.
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