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Newtek Business Services to Buy Back Up To 150,000 Shares

Newtek Business Services ( NEWT ) today announced board approved a new share repurchase program under which the company may repurchase up to 150,000 shares, with a par value $0.02, or common stock.

The shares represent approximately 1% of the outstanding common stock by March 31. The repurchases will be effected through open market buying, including block purchases. Unless extended or terminated, the company expects the termination date for this new repurchase program will be Nov. 11.

Newtek expects to finance the repurchases with available liquidity and the repurchased shares will be designated as authorized but unissued common stock.

The company's shares trade in the lower half of their 52-week price range of $9.37 - $19.82.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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