NEW YORK – Prenetics Global said on Wednesday that its board of directors has authorized the repurchase of up to $20 million of its class A ordinary shares. The company also announced that it has been included as a constituent stock in the MSCI Global Micro Cap Index (Hong Kong).
The diagnostics and genetic testing company, headquartered in Hong Kong, said the repurchase will be executed through open market transactions or in privately negotiated transactions during a 24-month period. The firm said it plans to fund the repurchase program with cash and cash equivalents on hand or future cash flow.
"Our announcement today of our share repurchase program demonstrates our commitment to deliver long-term value to our shareholders," Prenetics CEO and Cofounder Danny Yeung said in a statement.
According to Yeung, the company’s business fundamentals "remain strong with a very healthy balance sheet of $250 million in net current assets."