Glowpoint Announces Authorization of Stock Buyback Program

Market leader in video conferencing and network applications, Glowpoint (NYSEA:GLOW) announced that its board of directors has authorized a stock buyback program to repurchase up to $750,000 of the company’s common stock.

As quoted in the press release:

“I’m pleased to announce our Board’s authorization of a stock buyback program as this provides us the flexibility to make opportunistic share repurchases when appropriate in the future.  Our balance sheet, with $2.7 million of cash and no debt as of June 30, 2018, affords us the ability to make share repurchases in the future that we believe are in the best interest of the Company and our stockholders,” said Glowpoint President and CEO Peter Holst.

Share repurchases under the Program may be funded using the Company’s existing cash balance or future cash flows.  The Company’s cash balance as of June 30, 2018 was approximately $2.7 million.

Future share repurchases under the Program may be made in the open market, in privately negotiated transactions, or pursuant to other means determined by the Company, in each case as permitted by securities laws and other legal requirements.

The number of shares purchased under the Program and the timing of any purchases may be based on many factors, including the level of the Company’s available cash, general business conditions, and the pricing of the Company’s common stock.

The Program does not obligate the Company to acquire a specific number of shares and may be suspended, modified, or terminated at any time. The Company may enter into Rule 10b5-1 trading plans from time to time under the Program.

Click here for the full text release.