May 18, 2017—U.S. Auto Parts Network, one of the largest online providers of aftermarket automotive parts and accessories, announced that its board of directors has approved the repurchase of up to an aggregate of $5 million of the company's common stock.
The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, or in such other manner as determined by U.S. Auto Parts, including through plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934.
"This new repurchase program reflects our confidence in the strength and future of U.S. Auto Parts," U.S. Auto Parts CEO Aaron Coleman commented. "We believe this program is an effective use of our balance sheet and strong cash flow generation, and further underscores our commitment to enhancing stockholder value."
The repurchase program is expected to continue through May 16, 2018 unless extended or shortened by the Board of Directors.