Lyft (LYFT) activist investor Engine Capital said Friday that it has withdrawn its nomination of candidates for the ride-hailing company's board of directors election.
The decision came after the company's board took an "important" first step by "committing to significant" stock buybacks in the coming quarters, Engine Capital founder Arnaud Ajdler said.
"Engine looks forward to continuing to engage with the Board about additional actions that can benefit shareholders," Ajdler added.
Lyft did not immediately respond to MT Newswires' request for comment.
Lyft's stock was up 11% in recent Friday premarket activity.
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