EM - Smart Share Global Limited Announces Extension of Share Repurchase Program and Changes to Management Team | Benzinga
SHANGHAI, China, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Smart Share Global Limited ("Energy Monster" or the "Company"), a consumer tech company providing mobile device charging service, today announced the extension of its share repurchase program and changes to management team.
EXTENSION OF SHARE REPURCHASE PROGRAM
The Company's board of directors (the "Board") authorized a further 12-month extension to its existing share repurchase program (the "Share Repurchase Program") through September 27, 2024. The Share Repurchase Program was originally approved by the Board on September 28, 2021, under which the Company may repurchase up to US$50.0 million of its shares (including in the form of ADSs) through September 27, 2022. On September 28, 2022, the Company announced that the Share Repurchase Program was extended through September 27, 2023 as authorized by the Board. As of September 15, 2023, the Company had cumulatively repurchased approximately US$5.7 million of its shares (including in the form of ADSs) under the Share Repurchase Program.
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The Company has no obligation to repurchase shares, and the Board will review the Share Repurchase Program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to fund the repurchases under the Share Repurchase Program with its existing cash balance.
CHANGES TO MANAGEMENT TEAM
The Company announces that its Chief Technology Officer, Mr. Xiaowei Li, has tendered his resignation from the Company due to personal reasons. The resignation will be effective on October 31, 2023. The Board has approved the Company's nomination of Mr. Peifeng Xu to the role of the President of ...