Friday, April 20, 2012
RealD Launches Stock Buyback Effort
Los Angeles-based RealD, the developer of 3D movie projection technology, said Friday that it has authorized an up to $50M repurchase of its common stock, as it looks to boost its stock price. The firm's stock price has been languishing at around $11.00 per share--below what it had its IPO at nearly two years ago. The company said the move "demonstrates our confidence" in the firm's future. RealD, which is headed by Michael V. Lewis, also said it has entered into a new, $125M credit facility, which will be used for the stock repurchase.