LIZHI Announces $3M Share Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
LIZHI INC. (NASDAQ:LIZI), an audio-based social and entertainment platform, has announced a share repurchase program authorized by its board of directors. The company is set to repurchase up to $3 million of its Class A ordinary shares, including those in the form of American depositary shares, over the next 12 months starting from today.
December 13, 2023 | 10:55 am
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LIZHI INC. has initiated a $3 million share repurchase program that is expected to positively impact investor sentiment and potentially increase the stock price in the short term.
Share repurchase programs often lead to a positive market reaction as they can indicate management's belief that the stock is undervalued. The buyback also reduces the number of shares outstanding, which can increase earnings per share and return on equity, potentially leading to a higher stock price.
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