By Anvee Bhutani
Powerfleet shares rose after the company said its board approved a new $30 million stock repurchase program.
Shares of the software-as-a-service company gained 12% to $4.29 on Wednesday.
The artificial intelligence of things, or AIoT, company said the repurchases will be made from time to time depending on market conditions, legal requirements, the company's financial position and capital allocation priorities. The authorization lasts 24 months.
The company said the buyback is intended to provide flexibility to repurchase shares opportunistically as part of its broader capital allocation strategy.
Write to Anvee Bhutani at anvee.bhutani@wsj.com.