Why Mogu (MOGU) Shares Are Surging Today - MOGU (NYSE:MOGU)

Mogu Inc MOGU board of directors has authorized a new share repurchase program of up to $10 million of its shares.
The share buyback plan will be effective until August 31, 2023.
The company expects to fund the repurchases under this program with its existing cash balance.
The company's board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size.
Mogu held $100.4 million in cash and equivalents as of March 31, 2022.
Price Action: MOGU shares are trading higher by 42.8% at $2.86 in premarket on the last check Friday.