Safe Bulkers, Inc. Announces A 5M Shares Of Common Stock Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Safe Bulkers, Inc. (NYSE:SB) has announced a stock repurchase program to buy back up to 5 million shares of its common stock, representing about 4.5% of outstanding shares and 8.1% of its public float. The repurchase program is not obligatory and can be modified or terminated at any time. Purchases will be made on the open market in compliance with laws and regulations, specifically within the safe harbor provisions of Regulation 10b-18. The repurchases will be funded using Safe Bulkers' existing cash resources.
November 30, 2023 | 2:04 pm
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Safe Bulkers, Inc. has authorized a share repurchase program for up to 5 million shares, which could potentially increase the stock's value by reducing the number of shares available in the market.
Share repurchase programs often signal a company's belief that its stock is undervalued and can lead to an increase in the stock price in the short term due to the reduced supply of shares and the positive signal it sends to the market.
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