uBid.com Holdings Inc., which operates leading B2B and B2C online marketplace uBid, announced it has repurchased in a private transaction 2,135,550 shares of common stock and 580,937 warrants for the treasury at a combined price of $1.05 for the common stock and for the warrants for an aggregate total of $2,242,328 from a private investor. The repurchase represents 11% of the common stock and warrants currently outstanding. The Company has 18,197,783 outstanding shares of common stock after the repurchase.
Chairman, Steven Sjoblad commented, "The repurchase is consistent with our philosophy and is a signal of our belief in the Company's future and in its equity value. We believe at $1.05 a share the stock price is undervalued. This private purchase removes this block of stock from the market, which given the relatively thin trading volume should benefit all shareholders. This repurchase demonstrates the confidence we have in our company and in the business opportunities we are pursuing."
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uBid.com Holdings Inc., which operates leading B2B and B2C online marketplace uBid, announced it has repurchased in a private transaction 2,135,550 shares of common stock and 580,937 warrants for the treasury at a combined price of $1.05 for the common stock and for the warrants for an aggregate total of $2,242,328 from a private investor. The repurchase represents 11% of the common stock and warrants currently outstanding. The Company has 18,197,783 outstanding shares of common stock after the repurchase.