Investing.com -- On Monday, shares of Cytek Biosciences experienced a notable uptick, climbing as high as 6.9% during intraday trading after the company announced the approval of a new stock repurchase initiative.
This surge marks the most significant increase since November 6. Cytek Biosciences, a firm specializing in cell-analysis technology, revealed that its board has greenlit a buyback program, committing to repurchase up to $50 million worth of its common stock.
The newly authorized repurchase plan is set to commence on January 1, immediately succeeding the expiration of the existing repurchase program, which is due to conclude on December 31.
The current buyback program, with an identical ceiling of $50 million, has been in place and active until its scheduled end at the close of the year.
The initiation of the new program aligns with the company's financial strategy, aiming to manage its share capital effectively.
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