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Jump on buybacks, forecast — MMX shares

Jump on buybacks, forecast — MMX shares

Interim management provides first update and share buyback plan.

MMX Logo

Shares in MMX (AIM: MMX), also known as Minds + Machines, were up 24% in trading today, closing at 4.705 pence.

The firm disclosed a buyback program commencing today in which it will buy up to $3 million in shares through the end of the year.

Shares had fallen by regarding a third following the firm disclosed an accounting investigation. It later determined that the firm had improperly booked revenue that ought to have been considered more like a deposit.

Resulting management changes resulted in 46 million options and RSUs being forfeited, reducing MMX’s fully diluted shares by approximately 4.7%.

Operating cash flow for 2020 is expected to exceed $4.0 million, which would result in available cash at December 31, 2020 of more than $8.0 million prior to buybacks.

Interim management for the firm stated it will take steps to reduce costs in 2021.

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