LANGHORNE, PA — TEN Holdings Inc. (NASDAQ: XHLD) authorized a new share repurchase program of up to $2 million through the end of 2026 while establishing a technology relationship with GLSoft Corp. as the company seeks to balance capital returns with investment in its software platform.
The board authorization allows TEN Holdings to buy common shares through open-market or privately negotiated transactions and other methods, including trading arrangements intended to comply with Rule 10b5-1 or Rule 10b-18.
The timing and size of any purchases will depend on the company’s share price, market conditions, liquidity, securities laws, contractual restrictions and other factors. The authorization does not require TEN Holdings to purchase any shares and can be suspended, modified or discontinued.
The board also terminated the company’s existing share repurchase program administered through Bancroft Capital LLC.
Chairman and Chief Executive Officer Virgilio Torres described the new authorization as another capital-allocation option following what the company characterized as a strengthening of its balance sheet earlier this year.
“This authorization allows us to evaluate opportunistic repurchases when we believe they represent an attractive use of capital, while continuing to prioritize investments in technology, product development and long-term growth,” Torres stated.
Separately, TEN Holdings authorized a strategic relationship with GLSoft that will give the company access to additional engineering, software-development and technology capabilities as individual projects arise.
The arrangement could cover product engineering, software and technology development, platform integrations, technical support, technology licensing, redistribution, resale and commercialization. TEN Holdings is not committing to a specific project or minimum level of spending under the authorization.
Management will instead determine when individual initiatives with GLSoft fit the company’s strategic objectives.
TEN Holdings operates its enterprise webcast and virtual-events technology platform through subsidiary Ten Events Inc. The company is seeking to expand beyond those offerings into a broader technology platform, with planned investments spanning automation, analytics, artificial intelligence and additional product functionality.
“Our objective is to evolve beyond a traditional webinar and virtual-events offering and build a broader, more scalable technology platform,” Torres stated.
The GLSoft relationship is intended to provide additional engineering capacity as TEN Holdings evaluates new technologies, develops products and pursues a wider addressable market.
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