Zedge, Inc. (NYSE:ZDGE), a leader in building marketplaces and games around digital content that enable self-expression, today announced that its Board of Directors authorized a share repurchase program permitting the Company to purchase up to an aggregate of 1.5 million shares of Class B common stock.
“The board and management team believe that our stock price is undervalued and doesn’t properly reflect our performance or fundamentals,” said Jonathan Reich, CEO of Zedge. “We are executing on several outstanding growth opportunities and think now is the right time to put our strong balance sheet to work by investing in our own company. The long-term potential for both the Zedge app and GuruShots is tremendous, and we plan to share more details on our plans for and insights into this opportunity in the coming months.”
Zedge had approximately 14.86 million shares outstanding (on a diluted basis) as of April 30, 2022.
