(RTTNews) - GigaCloud Technology (GCT) said its board of directors has approved a share repurchase program to repurchase up to $46 million of Class A ordinary shares over the next 12 months. The company may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
Erica Wei, interim CFO, said: "With over $200 million in cash, cash equivalents and liquid investments, no external debt and operations generating positive cash flows, we are well positioned to allocate this $46 million to a new share repurchase program as we remain focused on delivering value to our long-term shareholders."
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