Ascent Industries Co. announced on February 18, 2025, that its Board of Directors authorized an expanded and extended stock repurchase program. Under this program, the company may acquire up to 1,000,000 shares of its common stock, representing approximately 10% of its outstanding shares as of that date.
The repurchases are authorized to occur over the next 24 months in the open market or through privately negotiated transactions. These purchases will be funded from available working capital, with repurchased shares either returned to authorized but unissued status or held in treasury.
Bryan Kitchen, President and CEO, stated that share repurchases are a key part of Ascent's capital allocation strategy. He indicated that the current valuation of the shares substantially undervalues the company, making repurchasing stock a prudent investment that supports growth objectives.
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