By Dean Seal
Shares of Ispire Technology jumped after the company's board approved a $10 million stock-buyback program.
The stock was up 11% at $4.92 in early trading. Shares were trading at around $10 this time a year ago.
The maker of e-cigarettes and vaping products said Wednesday that its board has authorized a program to repurchase up to $10 million of stock over the next 24 months.
Co-Chief Executive Michael Wang said Ispire's margin expansion efforts have helped it start returning capital to shareholders. The Los Angeles-based company is also repurchasing stock at a discount to its intrinsic value, Wang said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 22, 2025 10:42 ET (15:42 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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