Santech Holdings Launches $5 Million Share Buyback Plan
Santech Holdings Announces $5 Million Share Repurchase Program
SHANGHAI — Santech Holdings Limited (“Santech”, or the “Company”) (NASDAQ: STEC), a consumer-focused technology company in China, recently announced the authorization of a new share repurchase program. Under this initiative, Santech may repurchase up to US$5 million worth of its outstanding American Depositary Shares (ADSs), each representing two ordinary shares. This program is set to commence over the next 12 months.
Details of the Share Repurchase Program
The Company intends to execute the proposed repurchases from time to time on the open market at prevailing market prices. These transactions may also occur in privately negotiated deals, block trades, or through other legally permissible means. The decision regarding the timing and volume of share repurchases will rely on market conditions and comply with applicable rules and regulations.
Compliance and Regulations
Santech Holdings plans to conduct the share repurchase program in accordance with the provisions under Rule 10b5-1 and/or Rule 10b-18 of the U.S. Securities Exchange Act of 1934, alongside adhering to the Company’s insider trading policies. Furthermore, the board of directors will regularly review the program and may amend its terms or size based on strategic assessments.
About Santech Holdings Limited
Santech Holdings Limited (NASDAQ: STEC) is known for its consumer-centric approach within the technology sector. Historically, the Company catered to a significant number of high net-worth clients in financial services and health management. This robust clientele has been built on years of reliable service.
Strategic Shift and Future Endeavors
Recently, Santech has exited its historical financial services business and is exploring innovative new avenues in technology. These ventures include new retail solutions, social e-commerce strategies, and explorations within the metaverse. This transition highlights Santech's commitment to evolution in a rapidly changing market landscape.
Investor and Media Contacts
For more information regarding this repurchase program or any other inquiries, Santech Holdings Limited is available for investor relations at the following email: ir@santechholdings.com.
For media inquiries, ICR, LLC can be contacted as follows:
Edmond Lococo
Phone: +86 138-1079-1408
Email: SantechPR@icrinc.com
Frequently Asked Questions
What is the purpose of the $5 million share repurchase program?
The program aims to return value to shareholders and improve the liquidity of the Company's ADSs in the market.
How will Santech Holdings fund the share repurchases?
The repurchases will be funded from the Company’s existing cash balance, allowing for flexibility and strategic planning.
What changes has Santech made in recent years?
The Company has exited its historical businesses in financial services and is focusing on technology innovations, including new retail and social e-commerce solutions.
How often will the board review the repurchase program?
The board of directors will review the program periodically to ensure it meets the Company's strategic objectives and market conditions.
Where can I find more information about Santech Holdings Limited?
More information can be accessed through their investor relations email at ir@santechholdings.com.
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