Benzinga | Jun 28, 2021 02:51PM EDT

Lifeway Foods Stock Jumps On Authorizing 250K Share Buyback

* Lifeway Foods Inc (NASDAQ:LWAY) said its Board of Directors had approved a new share repurchase program of up to 250,000 shares.

* Lifeway will repurchase up to 250,000 shares of the company's common stock through the open market within two years from the program's effective date.

* Based on Friday's closing price of $5.19, the buyback program is worth $1.3 million.

* The company will use available cash resources generated through operations to fund the stock repurchase program.

* "This buyback program reflects our confidence in Lifeway's overall business and successful execution of our Lifeway 2.0 strategy," said CEO Julie Smolyansky.

* Lifeway's cash and equivalents totaled $8.6 million as of March 31, 2021.

* Price action: LWAY shares are trading higher by 6.1% at $5.48 on the last check Monday.