Asset Entities Shares Soar 130% on Stock Repurchase Program News
Shares in technology company, Asset Entities (Nasdaq: ASST), surged more than 130% in trading on Monday after the company announced its Board of Directors had approved a stock repurchase program to purchase up to an aggregate of 1,250,000 shares of its outstanding Class B Common Stock. The stock repurchase program will expire on November 21, 2024.
Asset Entities Chief Executive Officer Arshia Sarkhani, said, “This stock buyback program reflects our firm commitment to maximizing shareholder value. We believe our business is strong and dynamic as we move forward with the objective of growing our business in the coming quarters.”
Highlights
In November, the company announced it had acquired all of the assets of Ternary Inc., a cloud-based subscription management solution for Discord communities and Stripe-verified payment processor, and OptionsSwing Inc., an investment research and analysis education service.
The acquisition is expected to add new Discord and social media customers to Asset Entities, expand the Company’s platform, and, via Ternary, provide a Stripe-verified, state-of-the-art payment processing SaaS platform to Asset Entities’ AE.360.DDM suite of services for Discord communities and beyond.
Asset Entities added Jason Lee, the Founder and CEO of Ternary and OptionsSwing, and a member of the 2021 Forbes Next 1000 list of leading young entrepreneurs, as its Chief Technology Officer as part of the transaction.
The Company expects to finance any stock repurchases with existing cash balances. As of November 27, 2023, 5,639,134 shares of Class B Common Stock were outstanding.
About Asset Entities, Inc.
Asset Entities Inc. is a technology company providing social media marketing, management, and content delivery across Discord, TikTok, Instagram, Twitter, YouTube, and other social media platforms. Asset Entities is believed to be the first publicly traded Company based on the Discord platform, where it hosts some of Discord’s largest social community-based education and entertainment servers. The Company’s AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development, and Management of Discord community servers. Asset Entities’ initial AE.360.DDM customers have included businesses and celebrities. The Company’s Social Influencer Network (SiN) service offers white-label marketing, content creation, content management, TikTok promotions, and TikTok consulting to clients in all industries and markets. The Company’s SiN influencers can increase the social media reach of client Discord servers and drives traffic to their businesses. Learn more at assetentities.com, and follow the Company on Twitter at $ASST and @assetentities.
