Nexxen International Ltd. (NEXN), an advertising technology company, on Thursday announced it is seeking authorization to launch a new ordinary share repurchase program of up to $40 million.
The repurchase will begin after the current program is completed.
The company said the plan reflects its view that the shares trade at an attractive valuation and supports its long-term outlook.
The company said it must observe a 30-day creditor objection period and obtain consent from its bank lenders before the program becomes effective.
Nexxen said it will provide an update when the program begins or if there are delays related to creditor objections or lender consent.
As of October 31, the company had 57,086,122 ordinary shares outstanding and about $13.9 million remaining under its existing authorization.
In the pre-market trading, 0.16% higher at $6.37 on the Nasdaq.
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