Fiverr International Ltd (NYSE:FVRR) shares are trading higher after the Board of Directors has authorized a share repurchase program.
Under the authorization, the company may repurchase up to $100 million of its ordinary shares.
According to Israeli Law the company's creditors may apply to the company and object to the share repurchase program until May 4, 2024.
If any objection is filed, the share repurchase program will be subject to a court approval.
The company may suspend, modify or discontinue buybacks at any time in its sole discretion without prior notice.
Repurchases under the program may be made from time to time in the open market, in privately negotiated transactions or otherwise.
"We are pleased to announce the authorization of our first-ever stock repurchase program. This program reflects our confidence in the long-term opportunity for Fiverr and our commitment to creating shareholder value," said President and CEO Ofer Katz.
Fiverr held $183.7 million in cash and equivalents as of December 2023.
Price Action: FVRR shares are trading higher by 8.95% at $20.94 on the last check Thursday.