Quantum Energy Inc (QEGY) started the share buyback program on April 8, 2022. The Company’s Board of directors approved $2.0 million in the stock repurchase.
The information on the Share buyback program
The expiration date of this program is on August 31, 2022. During this time, the Company will have the opportunity to repurchase shares. Their selection will be based on the volume-weight average price of common stock.
The Company was proud to inform the compilation of the settlement agreements with five former officers and directors. Also, they completed another settlement agreement whit one former affiliate shareholder. The results of these agreements are the retirement of 26,832,298 of the Company’s common shares.
Harry Ewert, Chief Executive Officer, stated, “Our first Buy-back Program launched last year resulted in over 27,000,000 million shares being purchased and retired. That significantly lowering our outstanding shares. Our Board of Directors crafted a new Buyback program at this time. It is designed to improve shareholder value.”
The CFO of the Company shall approve or decline offers or market purchases. At the same time, they will take into consideration that the share repurchase program is incremental during this term.
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William Westbrook, CFO of Quantum Energy Inc, said, “The Company’s improved balance sheet provides us with the opportunity to engage in this buyback program at this time.” He also confirms the beginning of the share repurchase. He stated that cash-on-hand is meanly the payment method.
Quantum Energy Inc. is Company that has expanded in the U.S. and Canada and whose efforts focused on energy, especially in rare refining and property development.
Their work includes refining, processing, and value-added manufacturing of rare earth elements and other raw materials to produce magnetic and associated energy-related products.
