FairMarket Inc. announced that it has repurchased 3,181,000 shares, representing approximately 11% of its outstanding common stock, at a price of $1.27 per share. The company believes that its stock is undervalued, and therefore determined to use a portion of its cash to increase shareholder value through the repurchase of its stock.
"Our strong cash position has allowed us to reduce shares outstanding by approximately 11%, without adversely impacting our internal investment plans, which we believe will benefit our shareholders going forward," said Nanda Krish, President and Chief Executive Officer.
FairMarket repurchased the shares from founder Scott Randall. After giving effect to the repurchase, the company has approximately 26.1 million shares of common stock outstanding.
FairMarket provides private-label, Internet-based marketing and commerce solutions that incorporate dynamic pricing. FairMarket is an eBay Preferred Solution Provider.
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