Benzinga | Dec 6, 2021 05:16AM EST

Sunlands Technology Adopts $15M Stock Buyback Program

* Sunlands Technology Group (NYSE:STG) announced that its Board has approved a share repurchase program to repurchase up to $15 million of its Class A ordinary shares.

* The company will repurchase the shares over 24 months.

* The company's proposed repurchases may be made from time to time on the open market.

* Sunlands held $130.3 million in cash and equivalents as of September 30, 2021.

* Price Action: STG shares closed lower by 16.23% at $3.20 on Friday.