The board of NetSol Technologies Inc. approved a stock buyback program for the purchase of up to $5 million of the company's common stock.
The one-year program has two six-month phases, with the first phase allowing for the buyback of up to $2.5 million of shares from May 30 through Nov. 30.
After the initial expiration date, management will have the option to approve a secondary phase, covering up to $2.5 million in additional share repurchases. NetSol expects to fund the repurchases with its existing cash balance including cash generated from operations.