Lakeland Industries Inc (LAKE), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, said on Wednesday that its Board of Directors had authorized a new stock buyback program, under which Lakeland will repurchase up to $5 million of its outstanding common stock.
The new program will be effective upon exhaustion of the current program, under which nearly $800,000 remain for repurchases.
This new share buyback program has no expiration date, but still, the Board of Directors may terminate it at any time, Lakeland said.
“The Board’s approval of this repurchase program reflects its strong commitment to optimizing shareholder value and reaffirms our confidence in the fundamental growth prospects for the Company. This program provides us with the flexibility to execute on our balanced capital allocation strategy, which includes investments to support organic growth, strategic acquisitions, and share repurchases,” Charles Roberson, President and Chief Executive Officer of Lakeland Industries, said in a press release.
Lakeland Industries shares closed lower for a third consecutive trading session on NASDAQ on Wednesday. The stock went down 0.64% ($0.12) to $18.56, after touching an intraday low at $18.50. The latter has been a price level not seen since March 28th ($18.37).
The shares of Lakeland Industries Inc have retreated 14.47% so far in 2022, following another 20.37% loss in 2021.
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