- Opera Limited (NASDAQ:OPRA) has approved a share buyback program to repurchase up to $50M of its American Depositary Shares, each representing two ordinary shares, by March 31, 2024.
- Mr. Yahui Zhou, the Company's CEO, stated: "We believe that the share price and market value of Opera are currently significantly undervalued in light of our solid trajectory and outlook. In addition, Opera holds three minority investments in private companies that represent additional unrealized value to our shareholders. Given our strong cash position, we believe repurchasing Opera stock offers a compelling ROI opportunity, and an opportunity for us to create value for our shareholders."
- The company's management intends to launch the repurchases in the next trading window which is expected to take place in February 2022.
- The company plans to fund repurchases from its existing cash balance.
- Shares up 8% premarket.