NetSol Technologies (NTWK) Announces 0.5M Share Common Stock Buyback Plan

November 16, 2016 8:03 AM EST

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NETSOL Technologies, Inc. (Nasdaq: NTWK) announced that its Board of Directors has approved a stock repurchase program that authorizes repurchases of up to 500,000 shares of its common stock over the next six months.

“Our decision to initiate this share repurchase program reflects our confidence in our long-term growth prospects and our commitment to enhancing total shareholder value,” said Najeeb Ghauri, CEO of NETSOL. “Our strong balance sheet and financial flexibility enable us to return capital to shareholders while continuing to make long-term, growth-oriented investments.”

Under the stock repurchase program, the Company may repurchase its common stock in the open market from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions and federal and state laws governing such transactions. NETSOL expects to fund the repurchase with its existing cash balance including cash generated from operations.

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