Viomi Technology Co., Ltd [NASDAQ: VIOT] has launched the share buyback program. Viomi disclosed that the Board of Directors of the firm has authorized a share buyback program under which the firm is entitled to buy back more than US$10 million worth of its Class A ordinary shares in the form of American depositary shares over the next twelve calendar months.
The Company’s suggested buyback may be carried out from time to time on the open market at widespread market prices, in privately negotiated transactions, in block trades, or through other legally permissible means. The firm is anticipating financing the buyback out of its current cash balance.
Shares of Viomi Technology Co., Ltd [NASDAQ: VIOT] surged +1.92% as the firm has gained +0.08 during the pre-market trading session of Thursday. In the past 52-weeks of the trading session, the share of the firm fluctuated between the 52-week low and high range of $4.01 and $18.99, respectively. The firm has a total market capitalization of $$288.48 million at the time of writing.
Furthermore, the share buyback program shows its confidence in its business outlook and long-term strategy, as well as the firm’s strong balance sheet and ability to generate cash flow. VIOT contemplates that this program will promote the Company’s development and create values for its consumers and shareholders.