NETSOL Technologies Renews Stock Repurchase Program

NETSOL Technologies (NASDAQ:NTWK) has announced that its board of directors have approved a stock repurchase program that authorizes the repurchase of up to 500,000 shares of its common stock through June 30, 2018.

As quoted in the press release:

“Our decision to resume the stock repurchase program follows the successful efforts of our previous buyback, which expired in December of last year,” said NETSOL Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “Under the previous program, which we initiated last July, we successfully repurchased 139,275 shares of our common stock for an aggregate value of $601,000. Utilizing a stock repurchase program not only reiterates our confidence in the strength of our company, but it also creates an additional resource to provide immediate value for our shareholders. At NETSOL, we remain committed to driving long-term meaningful growth, but we also have the flexibility and recognize the opportunity to proactively deploy capital in the near term.”

Under the stock repurchase program, the Company may repurchase its common stock in the open market from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions and federal and state laws governing such transactions. NETSOL expects to fund the repurchase with its existing cash balance including cash generated from operations.

Click here to read the full press release.