Unitronix Corp Launches Share Buyback Initiative

Rhea-AI Summary

Unitronix Corp (OTC: UTRX) has announced a significant share buyback program and plans to reduce its authorized shares, aiming to enhance shareholder value and streamline its corporate strategy. The company has authorized the repurchase of up to 100,000,000 shares of its outstanding common stock through 2024, with 23 million shares already repurchased and canceled. Unitronix also intends to reduce its authorized shares by up to 75%, from 2 billion to 500 million.

The buyback will be funded through cash on hand, operations, and potentially accretive financing. If successful, this initiative could reduce the current outstanding share count by an additional 40%. The company believes these actions reflect confidence in its Cryptocurrency Investment Portfolio Strategy and commitment to long-term growth in the blockchain sector.

Positive

• Authorization to repurchase up to 100,000,000 shares of outstanding common stock
• 23 million shares already repurchased and canceled
• Potential 40% reduction in outstanding share count if buyback target is reached
• Planned reduction of authorized shares by up to 75% (from 2 billion to 500 million)
• Demonstrates management's confidence in the company's strategy and future prospects

Negative

• Buyback program may impact cash reserves and potentially limit funds for other investments
• Potential use of financing options for buyback could lead to increased debt

Unitronix Initiates Major Share Buyback to Lead Responsible Restructuring—Including Significant Reduction in Authorized Shares—to Boost Shareholder Confidence and Streamline Corporate Strategy

MARLTON, N.J., Oct. 9, 2024  /PRNewswire/ -- Unitronix Corp. (the "Company" or "Unitronix") (OTC: UTRX), a forward-thinking organization focused on high-growth opportunities within blockchain technology, digital currencies, and decentralized finance (DeFi), is pleased to announce that management recently approved a share buyback program, with immediate plans to reduce its Authorized Shares; underscoring Unitronix's commitment to enhancing shareholder value.

Share Buyback Initiative

In line with its ongoing restructuring efforts, Unitronix has launched a share buyback program, authorizing the repurchase of up to 100,000,000 shares of its outstanding common stock through the remainder of 2024. Management believes this initiative reflects their confidence in Unitronix's Cryptocurrency Investment Portfolio Strategy.  Further, this action, along with a reduction of the Company's authorized shares, management is confident that investments into innovative projects, could potentially drive significant engagement and growth for the Company within the blockchain sector.

Unitronix has already initiated the share buyback program by repurchasing and canceling 23 million shares, marking a significant step in reducing the outstanding share count. The buyback will be funded through a combination of cash on hand, cash generated from operations, and potentially accretive financing options.  If management successfully reaches the buyback target, the current outstanding share count could potentially be reduced by an additional 40%.

Stock repurchases under this initiative may be made from time to time through open market transactions, privately negotiated transactions, or other means in compliance with applicable securities laws.  The timing and amount of repurchases will depend on market conditions, stock price, and other factors as deemed appropriate by management. The buyback program does not obligate Unitronix to acquire any specific number of shares and may be suspended or discontinued at any time without prior notice.

Reduction of Authorized Shares

Unitronix intends to reduce its authorized shares by as much as 75%, down to 500 million from the current two billion.  This action supports management's efforts to create a more efficient and shareholder-focused equity base. This strategic move, alongside the Company's Cryptocurrency Investment Portfolio Strategy, underscores the Company's commitment to long-term growth and value creation for its shareholders.

"The commencement of our share buyback program, the reduction in authorized shares and the Crypto Investment Portfolio Strategy mark pivotal moments for Unitronix," said Kenneth J. Williams, Chief Executive Officer of Unitronix. "These actions reflect our confidence in the company's ongoing success and our commitment to returning value to our shareholders while pursuing innovative growth opportunities."

To learn more about Unitronix's strategic Portfolio investments and upcoming projects, follow us on X for real-time updates or visit us at www.unitronix.ai for further details.

About Unitronix Corporation

Unitronix Corp. (OTC: UTRX) is a forward-thinking company committed to creating value through strategic investments in the rapidly expanding cryptocurrency and blockchain ecosystem. The company focuses on capitalizing on opportunities in digital currencies, decentralized finance (DeFi), tokenization solutions, and other innovations shaping the future of finance.

For investor and general information, please email info@unitronix.ai.

Follow us on X for real-time updates.

Forward-Looking Statements:

Safe Harbor Statement - This press release may contain forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the intent, belief, or expectations of the Company and its management regarding the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, with actual results potentially differing materially from those contemplated by such statements. Factors that could cause differences include, but are not limited to, failure to complete anticipated sales, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, and profitability, adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units, or the market price of its common stock. Additional factors can be found on the Company's website. The Company disclaims any responsibility to update forward-looking statements except as required by law.

Contact Information

Kenneth J Williams
525 Route 73 North STE 104
Marlton, NJ 08053
+1 848-202-4899
info@unitronix.ai
https://www.unitronix.ai

 

View original content:https://www.prnewswire.com/news-releases/unitronix-corp-launches-share-buyback-initiative-302271630.html

SOURCE Unitronix Corp.

FAQ

How many shares has Unitronix (UTRX) authorized for repurchase in its buyback program?

Unitronix (UTRX) has authorized the repurchase of up to 100,000,000 shares of its outstanding common stock through the remainder of 2024.

What is the planned reduction in authorized shares for Unitronix (UTRX)?

Unitronix (UTRX) intends to reduce its authorized shares by up to 75%, from the current two billion to 500 million shares.

How many shares has Unitronix (UTRX) already repurchased and canceled?

Unitronix (UTRX) has already repurchased and canceled 23 million shares as part of its share buyback program.

What is the potential reduction in outstanding share count for Unitronix (UTRX) if the buyback target is reached?

If Unitronix (UTRX) successfully reaches its buyback target, the current outstanding share count could potentially be reduced by an additional 40%.