Tucows Inc. (NASDAQ:TCX, TSX:TC) announced after the market closed yesterday “that its Board of Directors has approved a stock buyback program to repurchase from time to time up to $40 million of its common stock in the open market.”

“The new $40 million buyback program will commence February 10, 2016 and will terminate on or before February 9, 2017. ”

“The Company’s previous buyback program, which commenced February 16, 2015 and was scheduled to end on or before February 15, 2016, has been terminated as the Company has repurchased approximately $20 million of its common stock, the maximum dollar amount permitted under that program.”

Purchases for the new $40 million buyback program will be made exclusively through the facilities of the NASDAQ Capital Market.

All shares purchased by Tucows under the stock buyback program will be retired and returned to treasury.

Shares of Tucows are up $1.56 today to $20 as of time of publication which is a gain of almost 8.5% on the day.

“The purchase will be funded from available working capital and existing credit facilities. As of February 8, 2016, Tucows had 10,687,912 common shares outstanding.”