Mannatech Inc MTEX Board of Directors has approved a share repurchase program to acquire up to $1.5 million of its outstanding shares.
The authorized repurchases will be made from time to time in the open market through block trades or privately negotiated transactions.
The timing, volume, and nature of share repurchases will be at the discretion of management.
The repurchase program begins on September 19, 2022, and ends on the earlier of September 18, 2023, or reaching the goal.
The company intends to finance the repurchases with available cash.
Mannatech held ~$22 million in cash and equivalents as of June 30, 2022.
Price Action: MTEX shares are trading higher by 5.75% at $18.40 on the last check Tuesday.
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