08:40 AM EDT, 08/05/2024 (MT Newswires) -- Byrna Technologies ( BYRN ) said Monday that its board of directors has approved a $10 million stock repurchase program over a 24-month period.

The company said it intends to finance the program with its existing cash balance, including cash generated from operations.

"We believe that our shares are currently undervalued by the market, and this repurchase program demonstrates our confidence in the long-term sustainability of our marketing strategies and business model," Chief Executive Bryan Ganz said in a statement.

Shares of Byrna Technologies ( BYRN ) were down nearly 3% in recent premarket activity.

Price: 8.24, Change: -0.25, Percent Change: -2.94