Benzinga | Jan 10, 2022 08:03AM EST

Exclusive: Blackboxstocks Approves $2.5M Stock Repurchase Program

Blackboxstocks Inc (NASDAQ:BLBX), a financial technology and social media hybrid platform offering real-time proprietary analytics for stock and options traders, today announced that the board of directors has approved a stock repurchase program for up to $2.5 million of the company's common stock.

The repurchase plan will expire on December 31, 2022. The timing and the actual number of shares repurchased will depend on various factors, including share price, trading volume, general business and market conditions, and other potential investment opportunities.

"This stock repurchase program demonstrates management's confidence in our business prospects and enables us to purchase shares at what we believe to be a significant discount to their intrinsic value," said Robert Winspear, Chief Financial Officer of Blackboxstocks. "We believe we can leverage the strength of our balance sheet to execute this plan without

impeding any of our growth initiatives."

Under the repurchase program, repurchases can be made from time to time using various methods, including open market purchases, all in compliance with the U.S. Securities and Exchange Commission rules.

Blackboxstocks says the repurchase program does not obligate the company to acquire any specific amount of its common stock and may be suspended, modified, or discontinued at any time at the company's discretion.

Price Action: BLBX shares closed 4.95% higher at $3.18 on Friday.

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Photo: Courtesy of blackboxstocks.com