Investors Cheer XpresSpa's 15M Share Buyback Plan

  • XpresSpa Group Inc's XSPA board of directors has approved a stock repurchase program for up to 15 million shares, representing 15.8% of its outstanding common stock.
  • About 105.56 million shares of the common stock were outstanding as of August 6, 2021.
  • "We believe launching a stock buyback program reflects our confidence in the long-term prospects of the business and the undervalued price of our stock," said board Chairman Bruce Bernstein.
  • The share repurchase authorization will be used at management's discretion and expire on September 15, 2022.
  • The company held $103.25 million in cash and equivalents as of June 30, 2021.
  • Price Action: XSPA shares are trading higher by 3.65% at $1.85 on the last check Tuesday.
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