The AIoT software company said the authorization gives it flexibility to buy back common stock opportunistically as part of its broader capital allocation strategy.
Powerfleet, Inc. said its board of directors has approved a stock repurchase program authorizing the company to buy back up to $30 million of its common stock over the next 24 months. The company said the program is intended to give it flexibility to repurchase shares opportunistically as part of its broader capital allocation strategy. The timing, manner, price and amount of any repurchases will depend on factors including market conditions, applicable legal requirements, and Powerfleet’s financial condition and capital allocation priorities. Powerfleet added that the authorization does not require it to repurchase any specific number of shares, or any shares at all, and said the program may be modified, suspended or discontinued at any time. The company, which trades on Nasdaq under AIOT and on the Johannesburg Stock Exchange under PWR, describes itself as a global provider in the artificial intelligence of things software-as-a-service mobile asset market.