Investing.com – On Monday, shares of Cytek Biosciences experienced a significant uptick, rising to 6.9% during intraday trading after the company announced. adoption of a new stock repurchase initiative.
This operation shows a significant increase since November 6. Cytek Biosciences, a firm specializing in cell-analysis technology, has indicated that its board has greenlit the recovery process, intending to repurchase up to 50 million of its common stock.
The new authorized buyback plan will begin on January 1, immediately succeeding the expiration of the existing buyback program, which is due to end on December 31.
The current buyback program, with a similar ceiling of $50 million, is already in place and running until its scheduled end at the end of the year.
The introduction of the new system is in line with the company's financial strategy, which aims to manage its shares effectively.
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