DENVER, Colo., Apr 22, 2025 (247marketnews.com)- Oblong (NASDAQ:OBLG) reported that its Board of Directors greenlit a $500,000 stock buyback program, underscoring management’s belief that its shares are significantly undervalued. With a tight float of approximately 0.9 million shares and 1.1 million shares outstanding, the program could see Oblong repurchase up to 25% of its common stock at current market prices, making it a focal point for traders seeking low-float opportunities.
Peter Holst, Oblong’s CEO, commented, “I’m pleased to announce our Board’s authorization of a $500,000 stock buyback program, which demonstrates our confidence in the Company’s intrinsic value and our commitment to shareholders. With a strong balance sheet, including $5.0 million in cash and no debt as of December 31, 2024, we are well-positioned to execute opportunistic share repurchases while pursuing strategic growth opportunities, including potential M&A driven by our focus on transformative SaaS and AI-enabled businesses.”
The buyback, funded by Oblong’s robust $5 million cash balance as of December 31, 2024, will leverage existing cash or future cash flows. Repurchases may occur via open market transactions, privately negotiated deals, or other methods compliant with securities laws, potentially including Rule 10b5-1 trading plans. The program’s flexibility allows Oblong to adjust or halt repurchases based on cash availability, market conditions, or stock pricing, with no obligation to acquire a fixed number of shares.
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