Lifeway Foods Stock Jumps On Authorizing 250K Share Buyback

Lifeway Foods Inc LWAY said its Board of Directors had approved a new share repurchase program of up to 250,000 shares.
Lifeway will repurchase up to 250,000 shares of the company’s common stock through the open market within two years from the program’s effective date.
Based on Friday’s closing price of $5.19, the buyback program is worth $1.3 million.
The company will use available cash resources generated through operations to fund the stock repurchase program.
“This buyback program reflects our confidence in Lifeway’s overall business and successful execution of our Lifeway 2.0 strategy,” said CEO Julie Smolyansky.
Lifeway’s cash and equivalents totaled $8.6 million as of March 31, 2021.
Price action: LWAY shares are trading higher by 6.1% at $5.48 on the last check Monday.

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