Powerlaw (PWRL) said Tuesday its board has approved a 12-month share repurchase plan to buy back up to about 4.3 million shares, representing 10% of its outstanding stock as of July 20.

Purchases will only be made when the shares are trading at a 5% or bigger discount to the company's net asset value, the company said.

The buyback plan will be in place until the earlier of July 20, 2027, or until the about 4.3 million shares have been bought back, Powerlaw said.

Powerlaw shares were up more than 5% in premarket activity.