By Colin Kellaher
Shares of RLX Technology Inc. rose nearly 15% Wednesday after the maker of e-vapor products said its board authorized the repurchase of up to $500 million in stock.
The Beijing company, which currently has about 727.7 million shares outstanding, sports a market capitalization topping $6 billion.
RLX said the buyback authorization extends until the end of 2023, adding that it will fund repurchases with cash on hand.
RLX shares were recently changing hands at $4.47, up 14.3%. The stock is down roughly 87% from a 52-week high of $35 in January and touched a 52-week low of $3.30 Monday.
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(END) Dow Jones Newswires