Our execution over these past two years was simply incredible and demonstrates the ability of our management team to execute. Ted Karkus, ProPhase's Chief Executive Officer, commented, "Our new stock repurchase program is a testament to our significant execution over the past two years as well as the Board's confidence in our multi-faceted strategy to continue to build value for our shareholders long-term.Īpproximately two years ago, we successfully pivoted into the CLIA lab business and COVID-19 testing. The Company expects to utilize its existing funds to fund repurchases under the repurchase program. The Board of Directors of the Company will re-evaluate the program from time to time and may authorize adjustments to its terms. The number of shares to be repurchased and the timing of the repurchases, if any, will depend on several factors, including, but not limited to, price, trading volume and general market conditions, along with the Company's working capital requirements and general business conditions. Under the new program, repurchases may be made, from time to time, over a six-month period through open market transactions (based on prevailing market prices), privately negotiated transactions, block trades, or any combination thereof, in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. During the past six months, between purchasing stock in the open stock market and retiring shares from stock option exercises, the Company retired a total of 1.2 million shares of common stock. The Company's previous stock buyback program expired in February 2023. PRPH, a growth oriented and diversified diagnostics, genomics and biotech company, today announced that its Board of Directors has authorized a stock repurchase program of up to $6 million in ProPhase Labs' common stock. Garden City, NY, Ma(GLOBE NEWSWIRE) - ProPhase Labs, Inc.
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