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Investing.com -- Enovix Corp (NASDAQ:ENVX) stock jumped 8% after the high-performance battery company announced its Board of Directors has authorized a share repurchase program of up to $60 million of its outstanding common stock.
The buyback program will allow Enovix greater flexibility in managing its capital structure and responding to market volatility while returning value to shareholders. The company may repurchase shares through open-market transactions, privately negotiated deals, or other means, subject to market conditions and securities laws.
Ryan Benton, Chief Financial Officer of Enovix, stated that the repurchase program "reflects our confidence in the company’s long-term fundamentals and the strength of our 100% silicon-anode battery technology." He added that the program "underscores our commitment to delivering long-term shareholder value."
The timing and amount of repurchases will be determined at Enovix’s discretion, with the company maintaining the right to modify, suspend, or discontinue the program at any time. The authorization does not obligate Enovix to acquire any specific number of shares.
The buyback program is set to begin on June 30, 2025, and any unused capacity will expire on December 31, 2026. Enovix, which specializes in high-performance battery technology featuring silicon-anode batteries, trades on the Nasdaq under the ticker ENVX.
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