GigaCloud Adopts $25M Share Buyback Program

GigaCloud Technology Inc GCT board of directors has approved a share repurchase program to repurchase up to $25.0 million of its Class A ordinary shares.

The repurchase of the shares will happen over the next 12 months.

Under the share repurchase program, the company may purchase its ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades or any combination.

The company's board of directors will review the share repurchase program periodically and may modify, suspend or terminate the program at any time.

GigaCloud plans to fund repurchases from its existing cash balance.

The company held $164.2 million in cash and equivalents as of March 31, 2023.

Price Action: GCT shares are trading higher by 10.6% at $8.30 on the last check Wednesday.