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Qutoutiao (NASDAQ:QTT), a mobile content platform based in China announced that it is undergoing a share repurchase program for up to US$50 million of its shares. The company’s share buyback will commence on May 28, 2019 and close after 12 months in the purchase of its outstanding American Depository Shares. As quoted in the press …
Qutoutiao (NASDAQ:QTT), a mobile content platform based in China announced that it is undergoing a share repurchase program for up to US$50 million of its shares. The company’s share buyback will commence on May 28, 2019 and close after 12 months in the purchase of its outstanding American Depository Shares.
As quoted in the press release:
Under the share repurchase program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. In addition, Qutoutiao will also effect repurchase transactions in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Qutoutiao’s working capital requirements, general business conditions and other factors. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from its existing cash balance.
