Shares of Obook Holdings, also known as OwlTing, rose after the blockchain-technology company said it was beginning to execute its $10 million stock-buyback program.
The stock was up 9.4%, at $6.64, midday Wednesday, but has fallen 88% since its initial public offering in mid-October.
The company said early Wednesday that it had formally entered the execution phase of its previously authorized share-repurchase program. It said the move builds on its capital-allocation strategy, which it announced late last month.
Chief Executive Officer Darren Wang said the decision to move into the execution phase reflects the company’s confidence in its business fundamentals and long-term strategy.
“As our card payment and stablecoin settlement infrastructure continues to advance, we remain focused on balancing robust growth with capital efficiency to create durable long-term value for our shareholders,” Wang said.
Write to Elias Schisgall at [email protected]
