India, April 22 -- Oblong, Inc. (OBLG) Tuesday said its Board has authorized share buyback of up to $500,000. Following the news, the company's shares were more than 110% up in pre-market.
"With approximately 1.1 million shares of common stock outstanding, the Program could enable the Company to repurchase up to approximately 25% of its shares at current market prices, reflecting management's strong belief that the stock is undervalued," the company said in a statement.
Oblong plans to fund the repurchase by its existing cash balance or future cash flows. As of December 31, 2024, it had about $5 million of cash and no debt.
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Oblong provides multi-stream ...