- SG Blocks ( NASDAQ: SGBX ) announced Friday it has received Board's approval to repurchase up to 500K shares, worth $790K as per the stock's closing on July 13.
- In addition, Board has approved sale of SG Blocks Lago Vista development site located outside of Austin, TX.
- "With the free cash flow generated from the Clarity testing lab at LAX, the $13 million in cash on our balance sheet at the end of last quarter, and the gains that we should realize on the closing of the Lago Vista sale, SG Blocks will have the cash to fund the share buyback, support our common stock, and launch the five projects in its pipeline scheduled to be kicked off over the next fifteen months," said Chairman and CEO Paul Galvin.
- These projects include three additional Made-in-the-USA manufacturing facilities to support the company's pipeline of residential units, which currently numbers over 4,200 units.
- Shares of SGBX are up 8% in pre-market trading , Friday, to trade at $1.65 vs. 52-week trading range of $1.52 to $4.80 .
- Earlier: SG Blocks inks agreement with developer for container park
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SG Blocks announces new buyback program, intends to sell Lago Vista development site