GigaCloud Technology (GCT) said Wednesday that its board approved a $16 million increase in the company's class A ordinary share repurchase program.
The program now has a total buyback authorization of $62 million against the previously authorized $46 million, according to the company.
The repurchase program runs through Aug. 28 and will be funded from the company's existing cash balance, GigaCloud added.
Shares of the company were down 3.6% in recent after-hours activity.
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