The metaverse space is expected to be the next big thing in the world of tech, and more and more investors are looking to discover companies in the sector. A company that could be worth looking into at this point is Metavesco Inc. (OTC:MVCO), a company involved in Web3 enterprise and innovations in the digital asset space. On February 2, the company hit the news cycle after it announced that it had floated a common stock buyback initiative for a maximum of $1 million.
The company noted in its news release that the decision had been made after thorough consideration of the performance of the Metavesco stock, a close review of the long-term goals of the company, and comparative market analysis. It was revealed that the board of directors at Metavesco had determined that the prevalent market price of the stock was not a fair reflection of the fair valuation of the company.
The move was also a reflection of the fact that the board of directors had a strong belief in the inherent value and the future of the company. As a consequence, it recommended the move for Metavesco. The company would be able to buy back shares of its common stock worth a maximum of $1 million.
More importantly, the repurchase initiative started off with immediate effect and would continue up until February 5, 2025. The company would repurchase stock from time to time at the prevalent market prices in the open market or by way of private transactions. It would all take place in accordance with the applicable securities laws. Last but not least, it was also revealed that Metavesco could also engage the services of one or more brokers or investment banks in order to help the company with the stock buyback initiative.