- The stock price of Ever-Glory International Group Inc (NASDAQ: EVK) increased by over 9% pre-market. This is why it happened.
The stock price of Ever-Glory International Group Inc (NASDAQ: EVK) – a retailer of branded fashion apparel and a leading global apparel supply chain solution provider – increased by over 9% pre-market. Investors are responding positively to Ever-Glory International Group announcing that its Board of Directors has authorized a stock repurchase program pursuant to which the company may repurchase up to $5 million of its outstanding common stock on or before December 31, 2021.
Under the stock repurchase program, Ever-Glory may purchase shares of its common stock from time to time through various means, including open market transactions and privately negotiated transactions. The manner, timing and amount of any stock repurchases will be determined by Ever-Glory’s management in its discretion based on its evaluation of various factors, including the trading price of its common stock, market, and economic conditions, regulatory requirements and other corporate considerations. The repurchase program may be suspended or discontinued at any time.
“We believe our stock is a good value, and the Board’s approval of this stock repurchase program is recognition of the long-term prospects in our company’s intrinsic value and the undervalued price of our stock. Repurchasing stock underscores our commitment to enhancing shareholder value and demonstrates confidence in our business.”
— Yihua Kang, Chairman, President, and Chief Executive Officer of Ever-Glory
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