Cycurion board approves $500,000 share repurchase program

Cycurion, Inc. (NASDAQ: CYCU) said its board of directors has authorized a share repurchase program of up to $500,000 to be carried out over the next 12 months, according to a press release.

Under the program, the company may repurchase shares of its common stock through open-market transactions or other lawful methods, subject to market conditions and applicable securities laws. Each repurchase requires prior approval from the chief financial officer, who may withhold approval based on liquidity, projected cash requirements, financing restrictions, or other financial considerations.

The authorization does not obligate the company to repurchase any specific number or dollar amount of shares and may be modified, suspended, or terminated at any time.

"We believe Cycurion is meaningfully undervalued relative to the business we have built and the trajectory we are on," said L. Kevin Kelly, chairman and chief executive officer. Kelly cited the recent acquisition of Kustom Entertainment's video-solutions business, which he said is expected to contribute more than $5 million in annual revenue and over $1.2 million in EBITDA.

Kelly also referenced the Secuvant, LLC acquisition and a $54.6 million contract, stating these milestones are expected to increase the company's annualized revenue run rate to approximately $30 million.

Repurchases will be conducted in accordance with applicable securities laws and Delaware law, including the capital impairment limitations of Section 160 of the Delaware General Corporation Law. The company said it will report repurchase activity in its periodic reports filed with the Securities and Exchange Commission.

You May Also Be Interested In

• Cavitation Technologies agrees to $35M tender offer from Luxembourg firm
• FingerMotion acquires 9.9% stake in Lyken AI Computing
• American Water and Essential Utilities clear HSR antitrust review