Investing.com — Cytek Biosciences shares saw a significant rally on Monday, rising 6.9% in intraday trading following the company's announcement. Approval of the new share buyback initiative.
This increase represents the largest increase since November 6. Cytek Biosciences, a company specializing in cell analysis technology, revealed that its board of directors has given the green light to the buyback program, and has committed to buying back up to $50 million of its common stock.
The newly approved buyback plan is scheduled to begin on January 1, immediately after the end of the current buyback program, which is scheduled to expire on December 31.
The current buyback program, which has a cap of $50 million, remains in place and active until its scheduled end at the end of the year.
The launch of the new program is consistent with the company's financial strategy, which aims to manage its capital effectively.
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