Boku Inc (LON: BOKU), a global network of local payment solutions, has announced that its board of directors has provided authority for the Company to hold in Treasury up to 5 per cent. of the common stock with par value of $0.0001 per share in the capital of the Company in issue at any one time.
The Company currently holds 2,463,434 Common Stock in Treasury, representing approximately 0.81 per cent. of the total Common Stock in issue. The Board has now approved a share buyback programme to repurchase Common Stock up to a maximum of 4,000,000 Common Stock.
The Board believes that the current share price undervalues the Company. The Buyback Programme represents a good investment opportunity and effective use of our growing own-cash balances as well as a reaffirming our belief in Boku’s long term growth plan. Shares purchased will be held in Treasury and may be used to satisfy future obligations from warrant holders or the staff equity remuneration programme thus minimising future dilution for shareholders.
