Ascent Industries (ACNT) shares were up premarket Tuesday after the company said its board authorized an expanded stock repurchase program, allowing to buy back up to 1 million shares -about 10% of its outstanding common stock- over the next 24 months.
The company said it would repurchase the shares at prevailing market prices through open market or privately negotiated transactions. Ascent Industries said it will fund the purchase with available working capital.
The specialty chemicals producer said it may discontinue the program at any time if management decides additional repurchases are not warranted.
As of Feb. 18, the company had nearly 10.1 million shares outstanding.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.