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Ambow Education will buy back up to $10M in stock

NEW YORK (AP) -- Ambow Education Holding Ltd. said Friday that its board of directors approved the repurchase of up to $10 million in American Depositary Shares.

The Chinese educational services provider said it will buy the shares with available cash.

U.S. shares of Ambow Education have plunged 60 percent since May 15, the day before the company delayed the filing of its 2011 financial report for the second time. The stock reached an all-time low of $2.18 on Thursday.

In Friday afternoon trading, Ambow shares rose 19 cents, or 8.4 percent, to $2.44.

The company's 2011 financial disclosure was originally due April 30, but Ambow said it needed more time to adjust its revenue and decide if it would take a one-time charge related to an acquisition. It filed the form with the Securities and Exchange Commission May 29.

The company reported its first-quarter results July 5, and also announced the resignation of its chief financial officer.