Investors Cheer XpresSpa's 15M Share Buyback Plan

by Shivani Kumaresan, Benzinga Staff Writer

August 31, 2021 3:24 PM | 1 min read |

XpresSpa Group Inc's XSPA board of directors has approved a stock repurchase program for up to 15 million shares, representing 15.8% of its outstanding common stock.
About 105.56 million shares of the common stock were outstanding as of August 6, 2021.
"We believe launching a stock buyback program reflects our confidence in the long-term prospects of the business and the undervalued price of our stock," said board Chairman Bruce Bernstein.
The share repurchase authorization will be used at management's discretion and expire on September 15, 2022.
The company held $103.25 million in cash and equivalents as of June 30, 2021.
Price Action: XSPA shares are trading higher by 3.65% at $1.85 on the last check Tuesday.