EVI Industries shares rose after the company's board of directors approved a repurchase program for up to $10 million in outstanding common stock.

The stock was 11% higher, at $15.81, in midday trade, but is still down 32% in the past 12 months.

Under the share repurchase program, the company said it may buy back shares of its common stock from time to time in management's discretion through solicited or unsolicited open market transactions, in privately negotiated transactions, or by other means.

EVI Industries said the share repurchase program doesn't obligate it to buy back any specific amount of shares, has no expiration date, and may be modified, suspended or terminated at any time without prior notice at the discretion of the board.