XMax Board Authorizes Share Repurchases of Up to $30 Million

XMax Inc. (XMAX) announced Tuesday that its board authorized a buyback with a maximum value of $30 million, limiting any purchase to less than $5.50 per share while setting no start date.

The board approved the program Oct. 31. On Nov. 2, XMax amended the conditions that must be met before purchases can begin. The company has not announced a start date.

Before buying shares, XMax must publish results for its fiscal quarter that ended Sept. 30, publicly disclose any material nonpublic information and engage a broker-dealer.

If purchases take place, XMax expects to obtain shares through open-market transactions using cash and cash equivalents it already holds. XMax’s management will set the schedule, method and size of any repurchases. The authorization does not require XMax to buy shares, and the $30 million is a maximum rather than a required purchase amount.

The authorization expires three months after the program begins. XMax may suspend, change or discontinue the program without prior notice.