Following the company’s announcement of an equity move, Actelis Networks Inc. (ASNS) shares increased 9.02% to trade at $0.5997 as of the most recent check.
What equity program has ASNS disclosed?
The Board of Directors of Actelis Networks (ASNS) approved a share repurchase program today, allowing the company to buy back up to $1 million worth of its outstanding shares of ordinary stock (the “Share Repurchase Program”).
The Board of Directors gave Actelis Networks discretionary permission to periodically buy shares of its common stock on the open market, through negotiations with other parties, or in other ways. Along with that, trading strategies that adhere to applicable federal securities laws and other legal requirements are designed to qualify under Rule 10b-18 of the Securities Exchange Act of 1934, as modified. ASNS anticipates using its available resources to pay for these repurchases.
The Company’s cash on hand, cash flows from operations, general market circumstances, regulatory requirements, and other considerations will all be taken into consideration when determining the amount and timing of purchases under the Share Repurchase Program. Under the Share Repurchase Program, ASNS is under no obligation to purchase a certain number of shares of its ordinary stock. The Board of Directors of ASNS may suspend or cancel the Share Repurchase Program at any moment; there is no specified expiration date for the program.
According to ASNS, there is a discrepancy between the stock’s current share price and its fair value. For ASNS, this year has been one of investment and expansion, and with continued work, ASNS expects to see its growth accelerate even further. The organization’s leadership’s confidence in the organization’s direction and its capacity to create long-term shareholder value may be seen in the authorization of this share repurchase program.
Recent strategic initiative
To deliver Actelis’ solutions to federal, state, and local government agencies as well as educational institutions, Actelis Networks recently chose Norseman Defense Technologies (“Norseman”) as its newest authorized sales partner.
How will ASNS make use of the partnership?
It will be encouraging for Actelis Networks (ASNS) to have their products and solutions in its portfolio and that they are now a part of the SEWP Contract because they have demonstrated their exceptional ability to extend network connectivity very quickly and over long distances at the high reliability required for mission-critical government installations.