San Diego-based Airgain Inc., which makes wireless antennas, saw its stock price rise nearly 15 percent the day after it announced plans to repurchase up to $7 million of shares of its stock.
Airgain (Nasdaq: AIRG) made the announcement after market close Aug. 23. On Aug. 24, the company’s stock rose to $11.10 per share from $9.67 per share at market close Wednesday.
The antenna maker, which went public in August of 2016, has about 9.5 million shares outstanding. The company’s market cap is about $106 million.
Airgain said it plans to finance the stock purchases with existing cash balances.
In addition to Airgain’s San Diego headquarters, the company has design and test centers in Phoenix, Arizona; Cambridge, United Kingdom; and the cities of Suzhou and Shenzhen in China.