Asset Entities Inc. ASST shares are trading higher by 43% to $0.50 Monday morning after the company announced a stock repurchase program allowing for the purchase of up to 1.25 million shares of its Class B common stock.
The program, approved by the Board of Directors, aims to maximize shareholder value and may involve various acquisition methods. It is set to expire on November 21, 2024, unless modified.
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CEO Arshia Sarkhani on Monday also expressed confidence in the company's strength and growth prospects. The funding for repurchases will come from existing cash reserves, and the company retains the right to suspend or terminate the program at any time.
As of November 27, there were 5,639,134 outstanding shares of Class B common stock.
According to data from Benzinga Pro, ASST has a 52-week high of $54.60 and a 52-week low of $27.85.
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