GigaCloud Technology's board has approved a new $46 million share repurchase program of its Class A ordinary shares over the next 12 months, following the expiration of its previous $25 million program announced in June 2023. The company plans to execute purchases through various means including open market transactions and block trades, in compliance with SEC regulations.The company's strong financial position supports this initiative, with over $200 million in cash, cash equivalents and liquid investments, no external debt, and positive operating cash flows. In FY2023, GigaCloud generated $133.5 million from operating activities, used $86.6 million for strategic acquisitions, and ended with $46.9 million unspent.CEO Larry Wu expressed confidence in the company's long-term growth potential, particularly in digitalizing the global supply chain for large parcel merchandise, despite near-term economic headwinds. The company plans to implement a 10b5-1 plan for share repurchases after the current quarter, subject to market conditions.

GigaCloud Technology's board has approved a new $46 million share repurchase program of its Class A ordinary shares over the next 12 months, following the expiration of its previous $25 million program announced in June 2023. The company plans to execute purchases through various means including open market transactions and block trades, in compliance with SEC regulations.The company's strong financial position supports this initiative, with over $200 million in cash, cash equivalents and liquid investments, no external debt, and positive operating cash flows. In FY2023, GigaCloud generated $133.5 million from operating activities, used $86.6 million for strategic acquisitions, and ended with $46.9 million unspent.CEO Larry Wu expressed confidence in the company's long-term growth potential, particularly in digitalizing the global supply chain for large parcel merchandise, despite near-term economic headwinds. The company plans to implement a 10b5-1 plan for share repurchases after the current quarter, subject to market conditions.