SHANGHAI, Oct. 25, 2024 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd. ("Nisun International" or the "Company") (Nasdaq: NISN), a technology and industry driven integrated supply chain solutions provider, today announced that the Company has repurchased 39,112 shares of its stock at an average price of $14.1263 per share for total proceeds of $552,508 under its $15 million share buyback program, which was announced on October 9, 2024.
The repurchases of the Company's shares were made on October 17, 2024.
The Company believes that this buyback is an excellent use of its cash, as the stock is currently trading at a significant discount to cash value and at a price-to-earnings (P/E) ratio of less than 3. The repurchases are expected to be accretive to earnings per share (EPS), benefiting existing shareholders as the Company's outstanding shares are reduced. Nisun International plans to continue acquiring shares under the buyback program as part of its ongoing commitment to enhancing shareholder value.
"We are confident in Nisun International's long-term growth potential and believe that repurchasing shares at current prices represents a compelling opportunity for the Company and its shareholders," said Mr. Xin Liu, CEO of Nisun International. "With the stock trading at such a steep discount, we see this as an effective way to deploy capital, generate strong returns for investors, and increase EPS through the buybacks."
About Nisun International Enterprise Development Group Co., Ltd.
Nisun International Enterprise Development Group Co., Ltd. (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun International is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun International provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun International continues to deepen the field of industry segmentation through industrial and financial integration. Focusing on industry-finance linkages, Nisun International aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com/
Cautionary Note Regarding Forward-Looking Statements
This press release contains information about Nisun International 's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun International encourages you to review other factors that may affect its future results in Nisun International 's registration statement and in its other filings with the Securities and Exchange Commission. Nisun International assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.