From Earlier: Kona Grill Announces Stock Repurchase Plan
Kona Grill, Inc. (NASDAQ: KONA) announced yesterday that its Board of Directors has authorized the repurchase of up to $5 million of the Company's outstanding common stock, effective May 4, 2012. Repurchases under the program will be made in open market or privately negotiated transactions in compliance with the Securities and Exchange Commission Rule 10b-18. The Company intends to fund the repurchase program from available cash and to retire any shares repurchased.
The Company, however, has no obligation to repurchase shares under this authorization, and the timing, actual number and value of shares to be purchased will depend on the Company's stock price and other market conditions. The Company previously completed a $5 million stock repurchase plan in February 2012 purchasing 859,000 shares at an average cost of $5.80 per share.
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