Ascent Industries (ACNT) shares were up premarket Tuesday after the company said its board authorized an expanded stock repurchase program, allowing to buy back up to 1 million shares -about 10% of its outstanding common stock- over the next 24 months.
The company said it would repurchase the shares at prevailing market prices through open market or privately negotiated transactions. Ascent Industries said it will fund the purchase with available working capital.
The specialty chemicals producer said it may discontinue the program at any time if management decides additional repurchases are not warranted.
As of Feb. 18, the company had nearly 10.1 million shares outstanding.
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