09:38 AM EDT, 06/04/2024 (MT Newswires) -- Xunlei ( XNET ) said Tuesday its board has authorized a new share-buyback plan to repurchase up to $20 million of its American depositary shares or common shares in the next 12 months.

The board will review the buyback program periodically and will, if needed, adjust the size and terms, the company said.

In June 2023, Xunlei's ( XNET ) board approved a $20 million share-buyback program to repurchase its shares over the next year. As of March 31, Xunlei ( XNET ) had spent about $4.7 million on share repurchases, it said Tuesday.

The latest buyback plan will be funded from Xunlei's ( XNET ) cash balance, the company said, adding that as of March 31 it had cash, cash equivalent and short-term investments of about $272.5 million.

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