PANews reported on February 25 that, according to GlobeNewswire, GD Culture Group Limited (Nasdaq: GDC) announced that its board of directors has authorized thePANews reported on February 25 that, according to GlobeNewswire, GD Culture Group Limited (Nasdaq: GDC) announced that its board of directors has authorized the
GD Culture announced that its board of directors has authorized the sale of Bitcoin reserves to fund a share buyback program.
PANews reported on February 25 that, according to GlobeNewswire, GD Culture Group Limited (Nasdaq: GDC) announced that its board of directors has authorized the sale, exchange, or otherwise disposal of its 7,500 Bitcoin reserves to fund a previously disclosed share buyback program of up to $100 million.
Under this authorization, management may conduct Bitcoin sales in installments as appropriate, based on the interests of the company and its shareholders. The proceeds will primarily be used to repurchase the company's common stock and pay related commissions, taxes, and other expenses. The company stated that it is not obligated to complete a specific amount of Bitcoin sales, and the plan may be modified, suspended, or terminated at any time depending on market conditions.
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