HeartCore Authorizes $3.5 Million Share Repurchase Program
June 08 2022 - 08:30AM
GlobeNewswire Inc.
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HeartCore Enterprises, Inc., (“HeartCore” or the “Company”), a leading software development company, today announced that its Board of Directors has authorized a share repurchase program pursuant to which the Company may repurchase up to $3.5 million of its outstanding shares of common stock.
“The authorization of this share repurchase program reflects our leadership’s confidence in the trajectory of the organization and our ability to generate long-term shareholder value,” said CEO Sumitaka Yamamoto. “With the continuous growth of our core CMS and Digital Transformation businesses, supplemented by our latest Go IPO consulting service, we believe we are poised for a strong 2022 as we look to expand our footprint across Japan and the international markets. With the momentum we’ve generated so far, we strongly believe there is a disconnect between our current share price and the fair value of our common stock, based on what we believe to be HeartCore’s future earnings potential.”
The Board authorized the Company to purchase its common stock from time to time on a discretionary basis through open market purchases, privately negotiated transactions or other means, including trading plans intended to qualify under Rule 10b5-1, in accordance with applicable federal securities laws and other applicable legal requirements. The Company expects to fund these repurchases through existing cash balances. Decisions regarding the amount and the timing of purchases under the program will be influenced by the Company’s cash on hand, cash flows from operations, general market conditions and other factors. HeartCore is not obligated to acquire any particular amount of its common stock. This program has no set termination date and may be suspended or discontinued by its Board of Directors at any time.
