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Cyberlux Corporation (OTC PINK:CYBL) Announces Share Repurchasing Program and Directs $19.5 Million of Current and Future Cash Flows to Fund the Purchase of Outstanding Shares
Cyberlux Corporation (OTC PINK:CYBL) Announces Share Repurchasing Program and Directs $19.5 Million of Current and Future Cash Flows to Fund the Purchase of Outstanding Shares.
About this update from Cyberlux Corp.
[{"type":"text","content":"The Company's Board of Directors Approves a Share Repurchase Program to begin immediately with up to $19.5 Million of Earnings dedicated to Reducing the Level of Outstanding Common Stock SharesRESEARCH TRIANGLE PARK, NC / ACCESSWIRE / June 13, 2022 / Cyberlux Corporation, (OTC PINK:CYBL), an advanced digital technology platform company leading the digital transformation evolution across industries with breakthrough Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions, advanced unmanned aircraft solutions (UAS), cutting-edge lighting solutions, and renewable energy and infrastructure technology solutions, announced that its Board of Directors has approved a Share Repurchase Program under which the Company may repurchase up to $19.5 million in value of its outstanding common stock, which has a par value of $0.001 per share.From time to time, the Company will make common stock purchases in the open market and in privately negotiated transactions, subject to market conditions, share price and other internal factors. The amount and timing of any share repurchase transactions will be determined based on the Company's evaluation of market conditions and other factors and the program may have additional funding over time, may be discontinued or suspended at any time at the Company's discretion. All repurchase transactions executed by the Company will be made in accordance with the Security and Exchange Commission rules and regulations and any other specific legal requirements the Company may be subject to. In part, the Company's repurchase transactions may be conducted under a Rule 10b5-1 plan, which allows stock repurchase transactions when the Company might otherwise be precluded from executing repurchases. The Company intends to fund the Share Repurchase Program with available cash flow from Operations and from its pipeline of future business and contracts.In summary, the Share Repurchase Program is defined as follows:Company may repurchase up to $19.5 million in value of its Outstanding Common Stock.From time to time, CYBL will purchase shares of Common Stock in the open market and in privately negotiated transactions, subject to market conditions, share price and other factors.The timing and amount of any shares repurchased will be determined based on the Company's evaluation of market conditions and other factor...