GigaCloud Technology Inc Increases Share Repurchase Program by $16 Million

Core Viewpoint - GigaCloud Technology Inc has increased its share repurchase program by an additional $16 million, raising the total authorization to$62 million, which will be active until August 28, 2025 [1][2]. Company Overview - GigaCloud Technology Inc specializes in global end-to-end B2B ecommerce technology solutions for large parcel merchandise, offering a platform called the "GigaCloud Marketplace" that integrates discovery, payments, and logistics [3]. - The company connects manufacturers, primarily in Asia, with resellers in the U.S., Asia, and Europe, facilitating cross-border transactions efficiently [3]. - GigaCloud launched its marketplace in January 2019, initially focusing on the global furniture market and has since expanded into home appliances and fitness equipment [3]. Share Repurchase Program Details - The share repurchase program allows the company to buy back its ordinary shares through various means, including open market transactions and block trades [2]. - Repurchase transactions will depend on factors such as share price, trading volume, and general market conditions, as well as the company's working capital requirements [2]. - The board of directors will periodically review the program and may modify or terminate it at any time, with repurchases funded from the existing cash balance [2].