Deep Down Announces Share Repurchase Program
DEEP DOWN INCORP (DPDW)
NASDAQ:AMEX Investor Relations:
b2i.us/irpass.asp?bzid=2086&nav=1&s=0&l=1
Company Research
Source: GlobeNewswire
HOUSTON, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW), a specialist in deep-water oil and gas production equipment and services, today announced that its Board of Directors has authorized the repurchase of up to 500,000 shares of the Company’s common stock. The repurchase program will be funded from cash on hand and cash provided by operating activities. Charles Njuguna, President and Chief Executive Officer, stated “We believe Deep Down is undervalued given the improving prospects for the business and our proven expertise, services and technological solutions. With our realigned cost structure, strong cash position and no debt, we think the repurchase of our own shares is an attractive use of capital for building shareholder value.” The timing and amount of stock purchases will be determined at the discretion of management, subject to market conditions, business opportunities and other appropriate factors and may include purchases through one or more broker-ass
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