PCTEL Suspends Share Buyback Due to COVID-19 Uncertainty
Wireless equipment maker PCTEL said Thursday it’s suspending a share repurchase program because of COVID-19. The company had repurchased 375,000 shares for about $2 million. “Given the uncertainty surrounding the COVID-19 virus and its impact on economic and market conditions,…
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the Board determined that it is prudent to terminate" the program, said CEO David Neumann: “Maintaining our strong balance sheet will allow PCTEL flexibility to address the unique and evolving challenges.” The stock closed up 1.12% at $5.42.