RCI Hospitality Holdings Inc. (NASDAQ: RICK) announced its board of directors has authorized an additional $20 million for the company's share repurchase program, according to a company statement.

The authorization brings the total amount available for share buybacks to approximately $24.8 million when combined with funds remaining from the previous authorization.

Since fiscal year 2016, when RCI began implementing its capital allocation strategy, the company has spent nearly $80 million repurchasing approximately 3 million shares at an average price of $27.88 per share. This figure excludes the repurchase of the ADW block of shares scheduled for November 2025.

RCI Hospitality Holdings operates more than 60 locations and describes itself as a company focused on adult nightclubs and sports bars-restaurants.