business
BitGo stock surges on $50 million share buyback as value languishes 65% below IPO price
Key takeaways
- The initiative allows the company to repurchase up to $50 million of its common stock, about 8% of outstanding shares, through open-market purchases, privately negotiated transactions and block trades.
- "This authorization reflects the Board's confidence in our business and long-term trajectory," Chief Financial Officer Ed Reginelli said in a statement.
- The rally offered some relief for investors after a difficult stretch.
The initiative allows the company to repurchase up to $50 million of its common stock, about 8% of outstanding shares, through open-market purchases, privately negotiated transactions and block trades. The company said the program takes effect immediately and has no fixed expiration date.
"This authorization reflects the Board's confidence in our business and long-term trajectory," Chief Financial Officer Ed Reginelli said in a statement.
The rally offered some relief for investors after a difficult stretch. Even after the early Wednesday gain, BitGo shares remain about 65% below their January debut on the New York Stock Exchange. The shares were priced at $18 in the IPO, and traded recently around $6.07.
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