ON24 (ONTF) shares were up nearly 6% in recent Tuesday premarket activity after the company said overnight its board approved a plan for the repurchase of up to $50 million of its common stock.

The repurchases will likely be financed through ON24's existing cash and cash equivalents or future cash flow, the company said.

ON24 also said it had $181 million in cash, cash equivalents, and marketable securities as of March 31.