Danaos Corporation announced that its Board of Directors has approved an upsizing of its common stock repurchase program by an additional $100 million. This decision increases the total authorized program to $300 million, reflecting the company's continued commitment to enhancing shareholder value.
Prior to this upsizing, Danaos had already executed approximately $196 million in share repurchases under the existing $200 million program. The expanded authorization provides further flexibility for the company to repurchase shares in open market or privately negotiated transactions.
The share repurchase program may be suspended or discontinued at any time, based on market conditions and other factors deemed appropriate by the company. This strategic financial move signals management's belief in the intrinsic value of Danaos's stock.
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