Conduit Pharmaceuticals Soars 17.76% on $1M Share Buyback

Conduit Pharmaceuticals (Nasdaq: CDT) has announced a share repurchase program authorizing the buyback of up to $1,000,000 of its outstanding common stock, which has led to a 17.76% rise in pre-market trading on April 11, 2025.

Conduit Pharmaceuticals' decision to initiate a $1 million share repurchase program reflects the company's confidence in its intrinsic value and its commitment to enhancing shareholder value. The Board of Directors believes that the current market pricing undervalues the company's shares, making this move a strategic effort to correct the perceived undervaluation.

The buyback program will be executed in accordance with SEC Rule 10b-18, allowing for purchases through open market transactions or other approved methods. The Benchmark Company has been appointed to facilitate these repurchases, ensuring a smooth and compliant process. The execution of this program will depend on various factors, including market conditions, the company's liquidity needs, and any regulatory requirements.

This initiative underscores Conduit Pharmaceuticals' proactive approach to managing its stock value and its dedication to creating long-term value for its shareholders. By repurchasing its own shares, the company aims to reduce the number of outstanding shares, potentially increasing earnings per share and boosting investor confidence.