ChinaCache International Holdings (NASDAQ:CCIH) wants to spend money on its own shares after all. The company announced that its board has authorized a resumption of its stalled $10 million American Depositary Shares buyback program. It has plenty left in the tank. When halted, ChinaCache had spent only $1.5 million on such purposes.
The program will be in force for one year. The repurchases are to be effected through various means, including open market transactions, block trades, and off-market, privately negotiated purchases. This activity will be funded by ChinaCache's available cash on hand. As of the end of this past March, the firm's cash and equivalents totaled roughly $38.7 million.
Currently, ChinaCache has slightly more than 22.6 million shares outstanding. Its stock trades at $3.90 per share.
Fool contributor Eric Volkman has no position in ChinaCache International Holdings, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.