Cytek Biosciences inventory jumps on new $50M buyback plan

Investing.com — On Monday, shares of Cytek Biosciences skilled a notable uptick, climbing as excessive as 6.9% throughout intraday buying and selling after the corporate introduced the approval of a brand new inventory repurchase initiative.

This surge marks essentially the most vital enhance since November 6. Cytek Biosciences, a agency specializing in cell-analysis expertise, revealed that its board has greenlit a buyback program, committing to repurchase as much as $50 million price of its frequent inventory.

The newly licensed repurchase plan is about to start on January 1, instantly succeeding the expiration of the prevailing repurchase program, which is because of conclude on December 31.

The present buyback program, with an an identical ceiling of $50 million, has been in place and energetic till its scheduled finish on the shut of the 12 months.

The initiation of the brand new program aligns with the corporate’s monetary technique, aiming to handle its share capital successfully.

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