Rosetta Stone Launches Stock Buyback Program
Rosetta Stone aims to boost the value of its common stock by repurchasing a chunk of its outstanding common shares. The company's board has authorized a buyback program for up to $25 million worth of stock. The program will be in force for two years.
The buybacks will be effected through both open-market and privately negotiated transactions, Rosetta Stone said.
In the press release announcing the move, the language learning software purveyor quoted CEO Steve Swad as saying that "going forward, we expect to fund opportunistic share repurchases through existing cash balances and cash generated from operations, while maintaining ample liquidity to fund operations and pursue selective acquisition opportunities."
Currently, Rosetta Stone has 21.8 million shares outstanding. Its stock most recently closed at $15.50 per share.
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