Cytek Biosciences Shares Surge on $50 Million New Buyback Plan

Investing.com -- On Monday, Cytek Biosciences shares experienced a notable increase, rising by up to 6.9% during intraday trading following the company's announcement of a new stock buyback initiative. This rise marks the most significant increase since November 6. Cytek Biosciences, a company specializing in cell analysis technology, stated that its board has approved a buyback program committing to repurchase up to $50 million of its common stock. The newly approved buyback plan is expected to commence on January 1, immediately following the expiration of the current buyback program on December 31. The existing buyback program, which has the same cap of $50 million, will remain active and in effect until its planned conclusion at year-end. The initiation of the new program is viewed as a step that aligns with the company's financial strategy aimed at effectively managing its equity capital.