DHI Group, Inc. (NYSE: DHX) saw its shares dwindle Thursday, on announcing a stock repurchase program that permits the additional purchase of up to $12 million of the Company's common stock, increasing the overall share buyback program to $20 million.
Last February, the Board of Directors authorized the purchase of $8 million of its common stock and, under the plan, the Company has purchased approximately $1.3 million of its stock to date. With this additional authorization, the Company now has $18.7 million of buyback capacity.
Thursday’s news release says this new authorization is currently effective and will be in effect through June 2022 . Under the plan, management has discretion in determining the conditions under which shares may be purchased from time to time, including block trades.
"The stock buyback program is further recognition of the bright future prospects of the business and the undervalued price of our stock," said Chief Financial Officer Kevin Bostick. "We will continue to balance investing in the business with buying back shares."
Repurchases will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions or through other means. Depending on acquisition opportunities, market conditions and other factors, these repurchases may commence or cease from time to time without prior notice.
DHI is a provider of software products, online tools and services to deliver career marketplaces to candidates and employers globally. DHI's three brands -- Dice, ClearanceJobs and eFinancialCareers — enable recruiters and hiring managers to efficiently search, match and connect with highly skilled technologists in specialized fields
DHI shares fell 56 cents to $89.10.
