Zynex, Inc. (ZYXI) Announces $10M Share Buyback Program
- S&P 500, Nasdaq up as tech stocks rise after J&J vaccine pause
- U.S. Calls for Pause of J&J (JNJ) Vaccine After Clotting Cases, Including One Death
- Oil prices rise after robust China data, Middle East tension
- Bitcoin (BTC) Price Soars 5% to Fresh Record Highs Ahead of Coinbase IPO
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today announced that its board of directors approved a program to buy back $10.0 million of the Company's common stock. The program will commence immediately and is scheduled to terminate on September 8, 2021 or when the $10.0 million buyback limit is reached.
In making the announcement, Zynex President and CEO Thomas Sandgaard stated, "We are committed to delivering shareholder value, and this buyback program authorization reflects the board's confidence in both our short-term prospects and our long term growth strategy. We believe that the current market value of our shares does not accurately reflect the underlying value of the Company and the buyback program represents an attractive opportunity to deploy capital in a way that will benefit stockholders."
Under the share buyback program, buybacks may be made from time-to-time in open market and negotiated purchases, effective immediately through the next six months. These buybacks will be made in compliance with the SEC's Rule 10b-18, subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. The specific prices, numbers of shares and timing of purchase transactions will be determined by the Company from time to time in its sole discretion. This program does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at any time, including in the event the Company would be deemed to be making an acquisition of its own shares under Rule 13e-3 of the Securities Exchange Act of 1934, as amended.
The Company expects to finance the purchases with existing cash balances, which is not expected to have a material impact on capital levels.
Zynex, Inc. had approximately 36.1 million shares issued and 34.8 million shares outstanding as of March 5, 2021.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Microsoft's (MSFT) Fist Bid for Nuance (NUAN) was $53.50
- Power My Analytics Acquires eComIQ to Expand Big Data Automation Capabilities for Enterprise Customers
- PCB Bancorp (PCB) Announces Stock Repurchase Plan