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CAPE TOWN - Protective equipment maker Leatt Corporation (OTCQB:LEAT), a company with a market capitalization of $66.59 million, announced Tuesday that its Board of Directors has authorized a share repurchase program of up to $750,000 of the company’s outstanding common stock. According to InvestingPro, the company maintains a strong balance sheet with more cash than debt.
The program will run through December 31, 2025, and allows for repurchases to be made through open-market transactions in accordance with applicable securities laws. The company noted that no shares have been repurchased under the program to date.
"This share repurchase program reflects our confidence in the future outlook of our business, the soundness of our balance sheet, and the overall strength of the Leatt organization," said Sean Macdonald, Chief Executive Officer, in a press release statement. The confidence appears well-founded, as InvestingPro data shows the company’s impressive 29.11% revenue growth and healthy current ratio of 7.37, indicating strong liquidity.
The company can suspend or discontinue the repurchase program at any time prior to the expiration date, and there is no guarantee regarding the timing or number of shares that may be repurchased.
Leatt Corporation develops and markets protective equipment for mountain biking, motorsports, and other extreme sports. The company’s product line includes the Leatt-Brace neck protection system and various other head-to-toe protective gear.
The company trades on the OTCQB market under the ticker symbol LEAT.
In other recent news, Leatt Corp held its 2024 Annual Stockholders’ Meeting. During the meeting, shareholders elected Dr. Christopher J. Leatt, Mr. Sean Macdonald, and Mr. Jeffrey J. Guzy to serve as directors. Dr. Leatt and Mr. Macdonald each received 14,627,929 votes in favor, with 24,515 votes withheld. Mr. Guzy received 14,644,429 votes in favor, with 8,015 votes withheld. Additionally, the shareholders approved the appointment of the company’s auditor. These developments were based on a statement from a recent SEC filing.
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