Lifeway Foods Stock Jumps On Authorizing 250K Share Buyback
- Lifeway Foods Inc (NASDAQ: 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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