CECO Environmental Corp. (CECO) Announces $5M Share Buyback

CECO Environmental Corp. (Nasdaq: CECE) today announced that its Board of Directors has authorized a share repurchase program under which CECO may purchase up to $5 million of its outstanding common shares through December 31, 2021.

Todd Gleason, CECO's Chief Executive Officer, commented, "We remain highly confident in our current prospects and excited about our future growth opportunities. We have built a healthy balance sheet, and we believe that our current stock price represents an attractive valuation for our capital allocation strategy. The Board's approval of our share repurchase program reflects our confidence in CECO's strategic growth, the strength of our balance sheet, and our heightened commitment to optimizing long-term shareholder returns."

The share repurchase program is designed to return value to CECO shareholders, offset dilution from previous share issuances, and reduce share count over time. The $5 million authorization represents approximately 2.0% of outstanding shares based on the closing stock price of $7.04 as of June 30, 2021. The authorization permits the company to repurchase shares in the open market, through accelerated share repurchases, block trades, 10b5-1 plans or through privately negotiated transactions in accordance with applicable laws, rules, and regulations.

The timing and amount of any future repurchases will be determined by the company's management at its discretion based on several factors, including ongoing assessments of the capital needs of the business, the market price of the company's common stock, and general market considerations. The repurchase program may be modified, extended, or terminated by the Board of Directors at any time.

You May Also Be Interested In

• Reitar Logtech launches $3M share repurchase program
• Curtiss-Wright expands 2026 share buyback program by $100M
• Almonty Industries launches $300M share repurchase program