Benzinga | Aug 2, 2021 06:56AM EDT

Ever Glory Shares Gain After $5M Stock Buyback Announcement

* Fashion apparel retailer Ever Glory International Group Inc's (NASDAQ:EVK) Board of Directors has authorized a stock repurchase program of up to $5 million of its outstanding common stock on or before December 31, 2021.

* The company will purchase shares of its common stock through open market transactions and privately negotiated transactions.

* "We believe our stock is a good value, and the Board's approval of this stock repurchase program is recognition of the long-term prospects in our Company's intrinsic value and the undervalued price of our stock," said CEO Yihua Kang.

* Ever-Glory held $123.7 million in cash and equivalents as of March 31, 2021.

* Price action: EVK shares traded higher by 7.96% at $2.44 in premarket on the last check Monday.