American Vanguard Shares Gain On $20M Accelerated Share Repurchase Plan

American Vanguard Corp. AVD has entered into an accelerated share repurchase (ASR) plan.
AVD will repurchase $20 million worth of its common stock under the plan. The repurchase will be in addition to its existing 10b5-1 repurchase plan dated March 14, 2022.
Chairman and CEO Eric G. Wintemute commented, "By entering into an ASR, we are reaffirming our confidence in both the company's' prospects and the value of its common stock while, at the same time, making an investment that is immediately accretive to our stockholders."
AVD held $22.06 million in cash and equivalents as of June 30, 2022. Net cash used in operating activities for the six months totaled $(27.23) million.
Price Action: AVD shares are trading higher by 6.72% at $21.27 on the last check Tuesday.