Solar Integrated Roofing Corp (OTCMKTS:SIRC) jumped 7% after announcing the commencement of stock buyback programs seeking to minimize dilution via several purchases aimed at retiring its common stock shares.
First, the company will buy and retire 5 million of its preferred stock shares that is convertible to 50 million common stock shares. SIRC will purchase the stock from its retiring President Brian Milholland, who will continue as its consultant.
CEO David Massey said that they are looking to drive shareholder value and reduce dilution by making several stock buybacks starting with the purchase of Milholland’s preferred shares. He said that it had been a privilege working with Brian, and his impact in the past year had been infinite, helping the company grow to what it is today. Massey said that although they will miss Milholland’s full-time expertise and support, they appreciated the agreement in place for him to remain as a consultant to the company. So in weeks to come, SIRC is a stock to keep an eye on.
Market Reaction:
On Tuesday, SIRC stock gained 7.40% at $0.4350 with more than 2.69 million shares, compared to its average volume of 2.07 million shares. The stock has moved within a range of $0.4200 – 0.4710 after opening the trade at $0.4450. Over the past 52-week, the stock has been trading within a range of $0.0300 – 3.0000.
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