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Shares of The Beauty Health Co (NASDAQ:SKIN) jumped Tuesday after the company announced it has authorized a share repurchase program of up to $200 million.
At the time of writing, its shares are up 12.7% at $11.72 after hitting a high of $12.33 earlier in the session.
Of the $200 million repurchase program, $100 million is for an accelerated repurchase agreement.
In addition, under the accelerated program, The Beauty Health Company will acquire approximately 7.7 million shares of common stock on September 29, or this Thursday.
“In alignment with the Board of Directors, we believe that BeautyHealth stock is trading at levels that make a repurchase prudent at this time,” commented BeautyHealth President and Chief Executive Officer Andrew Stanleick. “This buyback demonstrates our conviction in the long-term strategy and growth outlook of BeautyHealth. We are committed to creating value for shareholders through disciplined capital allocation, and we remain in a strong cash position to pursue M&A.”
