Lucas GC Announces $6M Share Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Lucas GC Limited (NASDAQ:LGCL) has announced a $6 million share repurchase program, effective immediately for up to one year. The company, which operates as an AI technology-driven Platform-as-a-Service (PaaS) provider, aims to repurchase shares equivalent to the amount raised in its IPO in March 2024.
August 08, 2024 | 1:09 pm
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Lucas GC Limited (NASDAQ:LGCL) has announced a $6 million share repurchase program, effective immediately for up to one year. This move is likely to positively impact the stock price in the short term as it signals confidence from the management and reduces the number of shares outstanding.
Share repurchase programs generally indicate that the company believes its stock is undervalued and is confident in its future prospects. This often leads to a positive short-term impact on the stock price as it reduces the number of shares outstanding, thereby increasing earnings per share (EPS).
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