Re-Commerce Company Envela Plans Repurchase Of 1M Shares Post Q4 Results

by Shivani Kumaresan, Benzinga Staff Writer

March 17, 2023 9:51 AM | 1 min read |

Envela Corp ELA said its Board of Directors authorized a share repurchase program for up to 1 million shares of its outstanding common stock.
Purchases under the share repurchase program may be made from time to time in the open market in accordance with applicable laws, rules, and regulations.
"The repurchase authorization of up to 1 million shares of stock reflects the confidence that the Board and the executive management team have in Envela's ability to generate cash, while still investing in innovation and growth opportunities in the re-commerce space," said CEO John Loftus.
Envela held $17.2 million in cash and equivalents as of Dec. 31, 2022.
The company held 26.94 million shares outstanding as of year-end.
Price Action: ELA shares traded lower by 5.79% at $7.16 on the last check Friday.
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