11:32 AM EDT, 06/11/2024 (MT Newswires) -- Shoals Technologies Group ( SHLS ) share rose 7.7% in recent trading Tuesday after the board of directors authorized the repurchase of up to $150 million of class A common stock, effective through Dec. 31, 2025.

The repurchases will be funded through cash on hand, free cash flow, and credit facility borrowings, Shoals said Tuesday.

Shoals also announced an accelerated share repurchase agreement with Jefferies to buy back $25 million of stock with an initial delivery of 2.2 million shares.

Price: 7.34, Change: +0.53, Percent Change: +7.71