Canadian Solar Inc.'s board of directors approved a C$150 million share repurchase program for a period starting Dec. 9 through June 8, 2020.

"We have confidence in the company's long-term business plan and prospects and believe there is considerable value in investing in Canadian Solar shares, which are trading below book value and significantly below intrinsic value," Canadian Solar CEO Shawn Qu said in a Dec. 9 company news release.

The timing and amount of any repurchase will be determined by the management. Canadian Solar shares were up 3.76% to $19.04 on about double average trading volume on Dec. 9.