BROOMFIELD — Gogo Inc., a provider of broadband connectivity services for the business-aviation market, is buying 1.5 million shares of its common stock back from multinational investor BlackRock Inc. (NYSE: BLK) at $12.23 each.

The move comes after “BlackRock inadvertently acquired beneficial ownership of more than 4.9% of Gogo’s common stock, exceeding the threshold stipulated” in Gogo’s 2020 shareholder rights agreement, the company said in a news release. 

After the buyback is completed by Sept 21, BlackRock would still need to divest another roughly 100,000 shares to get below the required threshold. 

Gogo’s stock price began trading Friday at $12.23 and had bumped more than 6% as of mid-afternoon.