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Abacus Global Management Inc. (NASDAQ:ABL) shares are trading higher Friday after the company announced a $20 million share repurchase program and disclosed insider buying totaling over $2 million.
What To Know: The buyback authorization is effective immediately and will remain in place for up to 18 months.
The move comes in response to what Abacus described as a recent short attack that it claims has artificially depressed its stock price. CEO Jay Jackson said the company sees this as a buying opportunity and emphasized that the board and employees are backing that view through both the repurchase plan and personal investments in the stock.
Abacus stated that it would use cash on hand and future free cash flow to fund the share repurchases. The company also noted that the timing and method of purchases will vary, potentially including open market buys, block trades, and negotiated deals.
In addition to financial action, the company said it is pursuing legal remedies against parties it accuses of spreading false and misleading information. The statement framed the repurchase and insider buying as a signal of confidence in the company’s long-term performance and stability. Investors responded positively to the news, pushing the stock higher during the session.
ABL Price Action: Abacus shares were up 7.34% at $6.14 at the time of writing, according to Benzinga Pro.
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Posted In: ABL
