On April 5, 2023 Champions Oncology, Inc. (CSBR), a leading global technology-enabled biotech that is transforming drug discovery through innovative AI-driven pharmaco-pheno-multiomic integration, reported that its Board of Directors has approved a share repurchase program with authorization to purchase up to $5 million of its common stock through April 30, 2024 pursuant to Rule 10b-18 of the Securities Exchange Act of 1934 (Press release, Champions Oncology, APR 5, 2023, View Source [SID1234629829]).
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Ronnie Morris, CEO of Champions commented, "We are committed to strategically deploying capital to drive long-term value for stockholders. We believe that the current macroeconomic environment along with the long-term prospects of our business provide a unique buyback opportunity. The stock repurchase program reflects our confidence in the execution of our strategic priorities and the bright future of the business".
David Miller, CFO of Champions added, "We believe the strength of our balance sheet and the current valuation, present an attractive and strategic buying opportunity for our stock. The plan reflects the confidence we have in our business and our strategy to invest for long-term growth, which we believe is not reflected in the current market valuation. We will continue to monitor the program in light of changes we see in our business, the capital markets and the economy in general."
Under the stock repurchase program, Champions expects to repurchase shares of its common stock from time to time in open market transactions as permitted under applicable rules and regulations. The number, price, structure, and timing of the repurchases, if any, will be evaluated by the Company depending on market conditions, liquidity needs, and other factors. The repurchase authorization does not oblige the Company to acquire any particular amount of its common stock. The Board of Directors may suspend, modify, or terminate the stock repurchase program at any time without prior notice.