$UTRX Unitronix Corp Launches Share Buyback Initia
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Posted On: 10/09/2024 10:57:09 AM
$UTRX Unitronix Corp Launches Share Buyback Initiative
https://www.prnewswire.com/news-releases/unit...71630.html
Unitronix Initiates Major Share Buyback to Lead Responsible Restructuring—Including Significant Reduction in Authorized Shares—to Boost Shareholder Confidence and Streamline Corporate Strategy
MARLTON, N.J., Oct. 9, 2024 /PRNewswire/ -- Unitronix Corp. (the "Company" or "Unitronix"
(OTC: UTRX), a forward-thinking organization focused on high-growth opportunities within blockchain technology, digital currencies, and decentralized finance (DeFi), is pleased to announce that management recently approved a share buyback program, with immediate plans to reduce its Authorized Shares; underscoring Unitronix's commitment to enhancing shareholder value.
Share Buyback Initiative
In line with its ongoing restructuring efforts, Unitronix has launched a share buyback program, authorizing the repurchase of up to 100,000,000 shares of its outstanding common stock through the remainder of 2024. Management believes this initiative reflects their confidence in Unitronix's Cryptocurrency Investment Portfolio Strategy. Further, this action, along with a reduction of the Company's authorized shares, management is confident that investments into innovative projects, could potentially drive significant engagement and growth for the Company within the blockchain sector.
Unitronix has already initiated the share buyback program by repurchasing and canceling 23 million shares, marking a significant step in reducing the outstanding share count. The buyback will be funded through a combination of cash on hand, cash generated from operations, and potentially accretive financing options. If management successfully reaches the buyback target, the current outstanding share count could potentially be reduced by an additional 40%.
Stock repurchases under this initiative may be made from time to time through open market transactions, privately negotiated transactions, or other means in compliance with applicable securities laws. The timing and amount of repurchases will depend on market conditions, stock price, and other factors as deemed appropriate by management. The buyback program does not obligate Unitronix to acquire any specific number of shares and may be suspended or discontinued at any time without prior notice.
Reduction of Authorized Shares
Unitronix intends to reduce its authorized shares by as much as 75%, down to 500 million from the current two billion. This action supports management's efforts to create a more efficient and shareholder-focused equity base. This strategic move, alongside the Company's Cryptocurrency Investment Portfolio Strategy, underscores the Company's commitment to long-term growth and value creation for its shareholders.
"The commencement of our share buyback program, the reduction in authorized shares and the Crypto Investment Portfolio Strategy mark pivotal moments for Unitronix," said Kenneth J. Williams, Chief Executive Officer of Unitronix. "These actions reflect our confidence in the company's ongoing success and our commitment to returning value to our shareholders while pursuing innovative growth opportunities."
https://www.prnewswire.com/news-releases/unit...71630.html
Unitronix Initiates Major Share Buyback to Lead Responsible Restructuring—Including Significant Reduction in Authorized Shares—to Boost Shareholder Confidence and Streamline Corporate Strategy
MARLTON, N.J., Oct. 9, 2024 /PRNewswire/ -- Unitronix Corp. (the "Company" or "Unitronix"
(OTC: UTRX), a forward-thinking organization focused on high-growth opportunities within blockchain technology, digital currencies, and decentralized finance (DeFi), is pleased to announce that management recently approved a share buyback program, with immediate plans to reduce its Authorized Shares; underscoring Unitronix's commitment to enhancing shareholder value. Share Buyback Initiative
In line with its ongoing restructuring efforts, Unitronix has launched a share buyback program, authorizing the repurchase of up to 100,000,000 shares of its outstanding common stock through the remainder of 2024. Management believes this initiative reflects their confidence in Unitronix's Cryptocurrency Investment Portfolio Strategy. Further, this action, along with a reduction of the Company's authorized shares, management is confident that investments into innovative projects, could potentially drive significant engagement and growth for the Company within the blockchain sector.
Unitronix has already initiated the share buyback program by repurchasing and canceling 23 million shares, marking a significant step in reducing the outstanding share count. The buyback will be funded through a combination of cash on hand, cash generated from operations, and potentially accretive financing options. If management successfully reaches the buyback target, the current outstanding share count could potentially be reduced by an additional 40%.
Stock repurchases under this initiative may be made from time to time through open market transactions, privately negotiated transactions, or other means in compliance with applicable securities laws. The timing and amount of repurchases will depend on market conditions, stock price, and other factors as deemed appropriate by management. The buyback program does not obligate Unitronix to acquire any specific number of shares and may be suspended or discontinued at any time without prior notice.
Reduction of Authorized Shares
Unitronix intends to reduce its authorized shares by as much as 75%, down to 500 million from the current two billion. This action supports management's efforts to create a more efficient and shareholder-focused equity base. This strategic move, alongside the Company's Cryptocurrency Investment Portfolio Strategy, underscores the Company's commitment to long-term growth and value creation for its shareholders.
"The commencement of our share buyback program, the reduction in authorized shares and the Crypto Investment Portfolio Strategy mark pivotal moments for Unitronix," said Kenneth J. Williams, Chief Executive Officer of Unitronix. "These actions reflect our confidence in the company's ongoing success and our commitment to returning value to our shareholders while pursuing innovative growth opportunities."
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