Webull Corporation (BULL) on Tuesday said its board has authorized a share repurchase program of up to $100 million. The financial services company's shares rose more than 9% in pre-market trading.
Under the program, the company plans to repurchase its Class A shares over the next 12 months.
Webull said it will fund the buyback using existing cash and future cash flow.
"Today's announcement reflects our continued focus on optimizing our capital structure and delivering long-term value to our shareholders," said Anthony Denier, Group President and U.S. Chief Executive Officer of Webull. "It demonstrates our confidence in Webull's long-term outlook, financial position and growth prospects."
Webull stock closed at $7.01 on Monday, up 4.32%.
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