Lite Strategy announces $25 million share repurchase program

Lite Strategy Inc. (NASDAQ: LITS) announced its board of directors authorized a share repurchase program allowing the company to buy back up to $25 million of its common stock. The program is effective immediately and permits purchases through open market transactions or negotiated deals.

The company stated it may establish a Rule 10b5-1 trading plan to execute portions of the authorized purchases, which would enable share repurchases during periods when the company typically would not be active in the market. The timing and number of shares purchased will depend on market conditions.

"When LITS trades at a material discount to mNAV, we have the ability to use the repurchase program to step in and buy back shares," said Board Member Joshua Riezman, U.S. Chief Strategy Officer at GSR, which advises the company on treasury strategy. "Conversely, when the stock trades at a premium to mNAV, we can use our existing at-the-market offering program to sell stock in order to raise capital to acquire additional Litecoin over the long-term."

Lite Strategy plans to finance the repurchases using available working capital. The program does not include specific price targets or timetables and may be suspended or terminated at any time.

The company, formerly MEI Pharma, holds nearly 1 million Litecoin as its primary reserve asset and describes itself as the first U.S.-listed public company to adopt Litecoin in this capacity. The company has expanded beyond its pharmaceutical portfolio to focus on digital asset treasury strategies.

You May Also Be Interested In

• Brightstar Lottery launches debt tender offer and new note sale
• Lithia & Driveway acquires Rockwall Hyundai, repurchases shares
• AIAI Holdings signs LOI to acquire defense firm from affiliated entity