RTTNews | Aug 2, 2021 10:19AM EDT

10:19 Monday, August 2, 2021 (RTTNews.com) - Shares of micro-cap company Ever-Glory International Group Inc. (EVK) are surging over 114% on Monday morning after the Chinese apparel retailer announced a share buyback plan of up to $5 million.

EVK is currently trading at $4.84, up $2.58 or 114.1593%, on the Nasdaq.

Ever-Glory said its Board of Directors has authorized a stock repurchase program of up to $5 million, which the company will repurchase on or before December 31, 2021.

"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 Yihua Kang, Chairman, President, and Chief Executive Officer of Ever-Glory.

Ever-Glory, together with its subsidiaries, manufactures, supplies, and retails apparel in China, Hong Kong, Germany, the UK, Europe, Japan, and the US. It operates through two segments, Wholesale and Retail. The company primarily offers casual wear, outerwear, and sportswear.

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