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Board Authorizes Repurchase of up to 500,000 Shares and Sale of Lago Vista at Asking Price
SG Blocks, Inc. (NASDAQ:SGBX) (“SG Blocks” or the “Company”), a leading developer, designer, and fabricator of modular structures, today announced that its Board of Directors has authorized a share repurchase program of up to 500,000 shares. SG Blocks had 12.0 million common shares outstanding at March 31, 2022. At the closing stock price of $1.58 per share on July 13th, the repurchase program is valued at up to $790,000.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220715005112/en/
(Photo: Business Wire)
The Board has also approved the sale and signing of a letter of intent for the Company’s Lago Vista development site located outside of Austin, TX at the asking price. The 60-acre site was purchased less than two years ago.
Paul Galvin, Chairman and Chief Executive Officer of SG Blocks, stated, “We’re excited to announce the decisive action that the Board of Directors has taken to support our common stock and strengthen our balance sheet in the current market environment. With the free cash flow generated from the Clarity testing lab at LAX, the $13 million in cash on our balance sheet at the end of last quarter, and the gains that we …
Full story available on Benzinga.com
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