urban-gro, Inc. (NASDAQ:UGRO) announced Tuesday that its board of directors has authorized an increase of $2 million to the company’s existing stock repurchase program. Under the new authorization, the Colorado-based company can purchase up to $7 million shares of its common stock from time to time in the open market or in privately negotiated transactions in compliance with applicable rules and regulations of the Securities and Exchange Commission.
“We are pleased to announce the extension of our share repurchase program that allows us to return value to our shareholders,” Bradley Nattrass, chairman and CEO said. “This action underscores our confidence in the strength of our balance sheet, quality of our assets and our ongoing ability to generate free cash flow. At recent market price levels, we believe the repurchase program is an excellent opportunity to buy our common shares at a significant discount to their intrinsic value and presents an attractive investment.”
The timing and amount of stock repurchases under the program, if any, will be at the discretion of management, and will depend on a variety of factors, including price, available cash, general business and market conditions and other investment opportunities. Therefore, there can be no assurance as to the number or aggregate dollar amount of shares, if any, that will be repurchased under the program. The company may discontinue the program at any time.
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Price Action
Urban-gro shares traded 4.00% higher at $9.62 per share at the time of writing Tuesday.
