Cytek Biosciences stock jumps to new $50M buyback plan via Investing.com

Investing.com — Shares of Cytek Biosciences had a big move on Monday, surging 6.9% during the day’s trading after the company’s announcement. approval of a new stock buyback initiative.

The rise marks the most significant increase since November 6. Cytek Biosciences, a firm specializing in cell analysis technology, has revealed that its board has greenlit a buyback program, which intends to buy back its common stock up to $50 million.

The newly approved buyback plan will begin on January 1, immediately after the end of the existing buyback program, which is due to end on December 31.

The current buyout program, with a matching ceiling of $50 million, remains in place and will run until its scheduled end at the end of the year.

The launch of the new program is in line with the company’s financial strategy, with the aim of managing its cash flow effectively.

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