Hyliion Holdings Corp, which develops sustainable electricity producing technology, said earlier this week its Board of Directors had authorized a stock buyback program of up to $20 million of the company’s issued and outstanding common stock.
The company had recently announced that it would wind down its powertrain operations and would concentrate future efforts on the development of the KARNO generator.
Hyliion Holdings reported $324 million of cash and investments at the end of September and forecast a year-end balance of about $285 million after finalizing the majority of powertrain wind down activities.
“The initiation of a stock repurchase program underscores our confidence in the potential of KARNO’s innovative generator technology and in our ability to complete development and delivery of initial units next year,” Thomas Healy, Founder and Chief Executive Officer of Hyliion, said in a press release.
“Our strong capital position affords us the opportunity to further enhance value for our shareholders, particularly at a time when we believe the market has yet to fully value the Company’s potential,” the CEO added.
The share repurchases may be conducted from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades or via other legally permissible means.
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