Kandi Technologies Announces Share Buyback Of Up To $30M Of The Co's Common Stock
Portfolio Pulse from Benzinga Newsdesk
Kandi Technologies Group, Inc. (KNDI) has announced a stock repurchase program to buy back up to $30 million of its common stock by the end of 2024. The buybacks will be reported in quarterly and annual reports. The company believes its stock is undervalued and the buyback reflects confidence in its liquidity and business potential, aiming to maximize shareholder value. The repurchases will be made in compliance with SEC rules and will depend on market conditions.
November 27, 2023 | 1:04 pm
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Kandi Technologies has authorized a share buyback program of up to $30 million, aiming to complete it by the end of 2024. The company's leadership believes the stock is undervalued and the buyback is a move to enhance shareholder value.
Share buyback programs often lead to a positive short-term impact on the stock price as they can reduce the number of shares outstanding, potentially increasing earnings per share and the intrinsic value of the remaining shares. Additionally, it signals management's confidence in the company's financial health and future prospects.
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