Pam sets Dutch auction to buy back shares; battered stock price soars [Yahoo! Finance]
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Source: Yahoo! Finance
Companies buy back their stock frequently but generally do so in a lower-key manner, entering the market as an occasional or frequent buyer operating through the normal processes of the equity markets. Companies often declare their intention to buy back stock over a certain period, but the specifics of those purchases are far less transparent and open-ended than in a Dutch auction. By contrast, Pam (NASDAQ: PTSI) announced the Dutch auction in a press release and in a Securities and Exchange Commission filing Wednesday. If one of the goals of the Dutch auction was to boost the company's stock price, it was working Thursday. At approximately 1:30 p.m., Pam stock was up $2.97, a gain of 20.43%, to $17.51. Pam's stock set its 52-week high on June 7, 2023, when it reached $28.77. Its 52-week low was $13.51 on Monday, a decline of 53% since the 52-week high. The stock decline has been more dramatic since its high-water mark of near $40 in November 2022. The percentage decline from
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