Summary by Moomoo AI
Mynd AI announced on October 21, 2024, that its Board of Directors has authorized a share repurchase program of up to $10 million for its American depositary shares (ADSs) and ordinary shares. The decision comes following the company's recent sale of a non-strategic business unit for $20 million, demonstrating management's commitment to enhancing shareholder value.CEO Vin Riera emphasized that the repurchase program represents a strategic opportunity to utilize available cash, reflecting the company's confidence in its business strength and ongoing efforts to improve its financial position. The repurchases will be executed through various means, including open-market purchases and privately negotiated transactions, subject to market conditions and applicable securities laws.
