NewGen authorizes $2 million share repurchase program over 24 months

NewGenIVF Group Limited (NASDAQ: NIVF) announced that its board of directors authorized a share repurchase program allowing the company to buy back up to $2 million of its Class A ordinary shares over the next 24 months.

The company said the authorized repurchase amount represents more than 50% of its current market capitalization. NewGen plans to implement the program in accordance with Securities Exchange Act rules and its insider trading policy.

"We remain confident in the fundamental strength of our business model and our strategic positioning for long-term growth," said Siu Wing Fung Alfred, founder, chairman and CEO of NewGen. "This share repurchase program is a direct message to our loyal shareholders: we are exceptionally confident in the future of NewGen, and we believe our stock is significantly undervalued."

The program authorizes share repurchases through open market purchases, privately negotiated transactions, or other means in accordance with applicable securities laws. The timing and number of shares repurchased will depend on factors including stock price, trading volume, business and market conditions, and regulatory requirements.

NewGen will fund the repurchase program using existing cash reserves. The board will review the program periodically and may adjust its terms, size, or suspend or discontinue it. The program does not obligate the company to acquire any particular number of shares.

NewGenIVF Group operates across real estate development, digital asset management and reproductive health solutions through three business divisions: NewGenProperty in the UAE, NewGenDigital for digital assets, and NewGenSup for health products. The company also provides IVF and assisted reproductive treatment services across Asia.

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