UC Asset LP (OTCQB: UCASU), an Atlanta-based real estate investment firm, has filed with the U.S. Securities and Exchange Commission to launch a stock buyback program.
In a Form 1-U filed by the company, the company stated, “On Jan. 10, 2024, the general partner of our company authorized and approved a share repurchase program of our current outstanding common units, over a period of 12 months, through open market purchases, for an unspecific total amount no more than the net income of the company during the fiscal year of 2023, at unspecific prices no more than the lowest ask price at the time of execution of a purchase.”
Founder Larry Wu announced the decision, noting the company has been “reporting profits in most of the years” while making two dividend distributions, most recently one last year at 10 cents a share.
“However, the trading activity of our common shares, as far as we observe and understand it, has not always shown consistent correlation to our profitability,” Wu added. “For the common interest of our shareholders, the management have decided that we should use part of our net cash inflow to buy back our stocks.”
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