The Swiss company WISeKey, which is based on Zug, has recently bought back 1,074,304 shares totaling around $1.5 million.
By repurchasing these shares, the cybersecurity enterprise brings an end to its share buyback program classified as Class B. WISeKey initiated the program three years ago.
Now the Swiss firm is richer by $1.5 million in the form of 1,074,305 shares. The value of a single share comes to 1.37 francs.
About the Share Buyback Program
The Class B designated share buyback program commenced three years ago in the month of July 2019. The intention behind this initiative was to form a reserve for possible acquisition and merger activity.
In addition to that, WISeKey wanted to create convertible loans, share-incentive initiatives for employees and equity lines available on demand.
WISeKey is a firm based in Switzerland that provides cybersecurity to its clients. The company makes use of the blockchain technology to concentrate on identity ecosystems in the digital space. It also deploys IoT and AI to make the digital space more accessible.
The company’s install base expands to 1.5 billion microchips. You can find these chips in the IoT sector, including smart cities, connected cars, agricultural senses, drones, servers, smart lighting, mobile phones and more
Last year in March, WISeKey announced that their team is busy working on an application. The application is centered around NFT (Non-fungible token). It would help investors, traders and platformers check the authenticity of non-fungible tokens by assessing the value of its digital and physical objects.