Fitell To Buyback $3 Mln Shares
(RTTNews) - Fitell Corporation (FTEL), an online retailer of gym and fitness equipment in Australia, on Monday announced that its board of directors has approved a share repurchase program under which the company may repurchase up to $3 million of its ordinary shares over the next 24 months.
With a positive outlook on our growth trajectory, the Board has approved the Share Repurchase Program of up to $3 million of outstanding Class A ordinary shares over the next 24 months.
"Following our FY25 results, we believe the current market valuation does not fully reflect Fitell's operational progress and opportunities across our fitness operations and 2F Robotics," said Sam Lu, CEO of Fitell Corporation. "We believe our balance sheet has strengthened and that now is an appropriate time to begin returning value to shareholders. The share repurchase program provides flexibility within our corporate treasury management framework as we continue to advance the Company's long-term vision."
