Investing.com — Shares of Cytek Biosciences saw a significant rally on Monday, rising as much as 6.9% in intraday trading after the company announced approval of a new share buyback initiative.
This jump marks the most significant increase since November 6. Cytek Biosciences, a company specializing in cell analysis technology, revealed that its board has given the green light to a buyback program, committing to repurchase up to $50 million worth of its common stock.
The newly approved buyback plan is scheduled to begin on January 1, immediately following the expiration of the existing buyback program, which is scheduled to end on December 31.
The current buyback program, with an identical cap of $50 million, is in place and active until its scheduled end at the end of the year.
The launch of the new program is aligned with the company’s financial strategy, with the goal of efficient management of its share capital.
This article was generated with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.
