CBAK Energy Technology, Inc. (CBAT), a Chinese lithium- ion battery maker and electric energy solution provider, said on Thursday that its Board has authorized a program to repurchase up to $20 million of its shares.
Zhiguang Hu, CEO of CBAK Energy, said: "This share repurchase program reflects our confidence in the long-term value of CBAK Energy. In addition to being a prudent use of capital, the program is designed to support our stock price and assist in curing our current Nasdaq minimum bid price deficiency."
This share repurchase program will be terminated on May 20, 2026, and may be suspended or discontinued at any time and does not obligate the company to acquire any amount of stock.
CBAT was trading up by 1.64% at $0.870 per share on the Nasdaq.
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