05:06 PM EDT, 04/02/2025 (MT Newswires) -- GigaCloud Technology ( GCT ) said Wednesday that its board approved a $16 million increase in the company's class A ordinary share repurchase program.

The program now has a total buyback authorization of $62 million against the previously authorized $46 million, according to the company.

The repurchase program runs through Aug. 28 and will be funded from the company's existing cash balance, GigaCloud ( GCT ) added.

Shares of the company were down 3.6% in recent after-hours activity.