SG Blocks Board Authorizes Stock Buyback, Lago Vista Sale

SG Blocks, Inc. SGBX Board has authorized a share repurchase program of up to 500,000 shares. The company had 12 million common shares outstanding on March 31, 2022.
The Board also approved the sale and signing of a letter of intent for the Lago Vista development site located outside of Austin, Texas, at the asking price.
"With the free cash flow generated from the Clarity testing lab at LAX, the $13 million in cash on our balance sheet at the end of last quarter, and the gains that we should realize on the closing of the Lago Vista sale, SG Blocks will have the cash to fund the share buyback, support our common stock, and launch the five projects in its pipeline scheduled to be kicked off over the next fifteen months," stated Chairman and CEO Paul Galvin.
Price Action: SGBX shares are trading higher by 11.32% at $1.70 on the last check Friday.