Trump Media stock rises after announcing $400 million share buyback
Investing.com -- Trump Media and Technology Group Corp. (NASDAQ:DJT) stock rose as much as 6% pre-open on Monday after the company announced its board of directors has authorized a share repurchase program of up to $400 million. After an initial spike, gains were pared to up 2%.
The operator of Truth Social said the buyback would include either stocks or warrants through open market transactions, with repurchased shares to be retired. The timing and amount of repurchases will be at the company's discretion, in compliance with SEC rules.
"The Board took a vote of confidence in our Company, our stock, and our strategic plans," said Trump Media's CEO and Chairman Devin Nunes. "Since Trump Media now has approximately $3 billion on its balance sheet, we have the flexibility to take actions like this which support strong shareholder returns, as we continue exploring further strategic opportunities."
The company noted that the share repurchase authorization would be funded separately from its previously announced Bitcoin treasury strategy, which featured a private placement offering of approximately $2.3 billion.
Additionally, Trump Media said it may seek to repurchase its outstanding convertible notes in open-market or privately-negotiated transactions, with broad discretion over terms and pricing.
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