MeetMe Trades Higher After Share Repurchase Announcement

Shares of MeetMe Inc MEET traded higher after the company announced a fresh share buyback program of a maximum of $15 million. The company will fund the buyback program from cash from operations.

At the end of August, MeetMe had approximately 54.4 million shares of outstanding. The company would repurchase either from the open market or through the negotiated transactions.

CEO Geoff Cook said, "We believe the share repurchase program is supported by our growing scale and increased profitability. The strength of our balance sheet gives us the confidence and flexibility to execute this program and the Skout, Inc. acquisition for the benefit of our shareholders."

Following the news, the stock traded $0.13, or 2.2 percent, to $6.03.