eGain announced that its Board of Directors approved an extension to its existing stock repurchase program. The program, originally set to expire, is now extended from November 14, 2024, until the earlier of the date the aggregate authorized amount is repurchased or November 14, 2025. This extension reflects management's belief that the company's shares are undervalued.
As of November 15, 2024, eGain had repurchased approximately $27.6 million of its common stock under the program. Following these repurchases, approximately $12.4 million of shares remained available for repurchase, indicating a total program authorization of $40 million. The company plans to fund these repurchases using existing cash or future cash flows.
The stock repurchase program allows eGain to acquire shares on a discretionary basis through open market or privately negotiated transactions. This move aims to deliver value to shareholders while the company continues to expand its market presence in the AI knowledge sector, leveraging its strong balance sheet.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.