Skycorp Solar Group Limited (NASDAQ:PN) saw its shares rise 3.7% in premarket trading Thursday after announcing plans to repurchase up to $2 million worth of its stock.
The company, a producer and seller of solar cables and connectors, has already bought back 60,000 shares for approximately $51,972 under the newly launched program. Skycorp said the repurchases will be financed using internal funds and may be modified, halted, or ended at its discretion.
“The Programme demonstrates our confidence in Skycorp Solar’s intrinsic value, the resilience of our business model, and our long-term growth opportunities,” stated Mr. Huang, Chairman and Chief Executive Officer of the company.
Skycorp emphasized that it has been evolving beyond its traditional role as a solar manufacturer and distributor, aided by its earlier acquisition of Cesun Power Co. Ltd. The expanded group now operates across power project investment and development, AI-driven digital energy management, and manufacturing.
The firm added that the scale and timing of future buybacks will depend on market conditions—including share price and trading liquidity—as well as overall capital allocation considerations. All repurchase activity will be reported in line with applicable disclosure requirements.