Soleno Therapeutics (SLNO) said Tuesday it has signed an accelerated share repurchase agreement for $100 million of its common shares.
Under the agreement with Jefferies, Soleno said it will make an initial payment of $100 million with an initial delivery of about 1.5 million shares based on the company's closing stock price Monday.
The company expects to complete the share repurchase agreement in Q1.
Soleno shares were up 9.4% in recent premarket activity.
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