Investors started off July south of the border with a buzz provided by Orlando-based IZEA Worldwide, Inc. (NASDAQ:IZEA).
The premier online marketplace connecting brands and publishers with influential content creators, announced Tuesday a share repurchase program under which the Company may repurchase up to $3.5 million worth of its common stock from time to time through the end of next year, subject to market conditions. A special committee consisting of independent Board members has been formed to authorize each individual buyback.
According to CEO Ted Murphy, "IZEA’s Board of Directors and management team believe that the market currently undervalues our core business and technology assets.The share repurchase program provides us with flexibility to repurchase stock over time if market conditions persist."
What’s more, according to Tuesday’s news release, IZEA may periodically repurchase its common stock through open market transactions, privately negotiated transactions, block trades or any combination thereof in compliance with applicable securities laws and the Company’s insider trading policy.
Shares gained 5.2 cents, or 10.1%, to 56.44 cents, on volume topping 1.3 million shares.
