Enlightify Inc (NYSE: ENFY), which produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products via its subsidiaries in China, has announced a share repurchase program.
Under the latter, the company will buy back up to 2,000,000 shares of its common stock at a price not exceeding $3.00 per share.
The share buyback program is expected to be completed by the end of this year.
“We believe that market is undervaluing Enlightify. This repurchase program reflects our confidence in the company’s long-term growth and commitment to delivering value to our shareholders,” Zhuoyu Li, CEO of Enlightify Inc, said in a press release.
Stock Performance
The shares of Enlightify Inc (ENFY) closed 2.66% ($0.02) higher at $0.82 in New York on Tuesday.
The company’s total market cap now stands at $12.151 million.
The shares of Enlightify Inc (ENFY) have lost 20.25% of their value so far this year.
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