SuperCom CEO announces purchase plan to capitalize on undervalued shares
The CEO of SuperCom, Arie Trabelsi, has initiated a new purchase program to acquire up to 3 million ordinary shares of the company on the open market, according to a disclosure announcement.
SuperCom recently shifted its business to a greater focus on biometric offender monitoring, with good financial returns.
“As shared in recent quarterly releases, SuperCom is executing effectively against its business plan and has optimized much of its operations to support strong earnings along with increasing customer demand for our leading technology solutions, ” comments Trabelsi, who is also president of SuperCom.
“I believe the SPCB current stock price levels do not reflect the high intrinsic value of the company. This program provides me the ability to opportunistically acquire SuperCom shares and underscores my ongoing belief in the Company.”
In notifying the company of his intentions, Trabelso also disclosed that his previous program launched in 2018 was completed on August 15, 2019, and under it he purchased 609,000 SuperCom ordinary shares.
At the time, SuperCom announced a year-over-year increase in net profit despite a drop in revenue in the second quarter. In that announcement, Trabelsi suggested that after strategic acquisitions beginning in 2015, the company is returning to its lean operating structure.
The company’s CEO purchase program sets the conditions and authorized methods for CEO share purchases, but leaves the timing and amounts up to the CEO.