GigaCloud Technology (GCT) has announced that its board of directors has approved a share repurchase program, authorizing the repurchase of Class A ordinary shares worth up to $46 million over the next year. The company intends to conduct these repurchase transactions in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended.
Interim CFO Erica Wei commented, "With over $200 million in cash, cash equivalents, and liquid investments, no external debt, and operations that generate positive cash flows, we are well-positioned to allocate $46 million towards a new share repurchase program. Our focus remains on delivering value to our long-term shareholders."
