Santech Holdings Unveils $5 Million Share Repurchase Program
SHANGHAI — Santech Holdings Limited (“Santech”, or the “Company”) (NASDAQ: STEC), a technology company focused on consumer needs in China, has recently announced the launch of a new share repurchase program. This initiative allows Santech to buy back up to US$5 million worth of its outstanding American Depositary Shares (ADSs), with each ADS representing two ordinary shares. The program is expected to start within the next 12 months.
Overview of the Share Repurchase Program
The Company plans to carry out these repurchases periodically on the open market at current market prices. Additionally, transactions may take place through privately negotiated agreements, block trades, or other legally permitted methods. The timing and volume of the share repurchases will depend on market conditions and will adhere to relevant rules and regulations.
Regulatory Compliance
Santech Holdings is committed to executing the share repurchase program in line with the provisions of Rule 10b5-1 and/or Rule 10b-18 of the U.S. Securities Exchange Act of 1934, while also following the Company’s insider trading policies. Moreover, the board of directors will conduct regular reviews of the program and may adjust its terms or size based on strategic evaluations.
About Santech Holdings Limited
Santech Holdings Limited (NASDAQ: STEC) is recognized for its consumer-focused strategy within the technology industry. Traditionally, the Company has served a large number of high-net-worth clients in financial services and health management, establishing a strong reputation built on years of dependable service.
Strategic Changes and Future Directions
Recently, Santech has moved away from its traditional financial services sector and is now pursuing innovative opportunities in technology. These new ventures encompass retail solutions, social e-commerce strategies, and explorations in the metaverse. This shift underscores Santech's dedication to adapting in a fast-evolving market environment.
Investor and Media Contacts
For further details about the repurchase program or any other inquiries, Santech Holdings Limited can be reached for investor relations at the following email: ir@santechholdings.com.
For media inquiries, please contact ICR, LLC using the information below:
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 is designed to provide value to shareholders and enhance the liquidity of the Company's ADSs in the market.
How will Santech Holdings finance the share repurchases?
The share repurchases will be funded using the Company’s existing cash reserves, ensuring flexibility and strategic oversight.
What recent changes has Santech implemented?
The Company has exited its traditional financial services business and is now concentrating on technological innovations, including new retail and social e-commerce solutions.
How frequently will the board assess the repurchase program?
The board of directors will periodically review the program to ensure it aligns with the Company's strategic goals and market conditions.
Where can I find additional information about Santech Holdings Limited?
For more information, you can reach out through their investor relations email at ir@santechholdings.com.
