Mission Produce Inc. (NASDAQ: AVO) announced that its board of directors approved a new stock repurchase program on June 3, 2026, authorizing the company to buy back up to $100 million of its common stock over the next 36 months.

The new program replaces the company's previous stock repurchase program that was adopted in September 2023 and would have expired in September 2026 with approximately $11.2 million remaining. No shares were repurchased between the approval date and June 8, 2026, according to the company statement.

Under the program, Mission Produce can repurchase shares through various methods including open market purchases and privately negotiated transactions, subject to Securities and Exchange Commission rules and other legal requirements. The timing, price and size of purchases will depend on stock prices, market conditions and other factors.

The company stated that the repurchase program does not require it to acquire any specific amount of stock and may be suspended or discontinued at management's discretion. Mission Produce said the program provides flexibility to buy back shares when market valuation does not reflect intrinsic value.

The avocado distributor indicated that the new program reflects its approach to capital allocation and management's outlook on the company's growth prospects. The 36-month timeframe for the program runs through June 2029.