Nano Labs Ltd (NA), a Web 3.0 infrastructure and product solution provider, on Wednesday announced that its Board of Directors has approved a share repurchase program of up to $25 million of its shares.
The program is allowing the company to buy back its shares over the next 12 months.
Under the program, the company may repurchase shares through open market transactions, privately negotiated trades, block trades, or a combination thereof, in compliance with applicable securities laws and the company's insider trading policy.
The Board will review the program periodically and may adjust its terms or size.
The company said that the repurchases will be funded from existing cash balances and proceeds from the liquidation of crypto assets.
In the pre-market trading, Nano Labs is 8.91% higher $6.11 on the Nasdaq.
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