Cloopen Group Holding Limited Announces up to US$40 Million Share Repurchase Program
Cloopen Group Holding Limited , a leading multi-capability cloud-based communications solution provider in China, announced that its board of directors (the “Board”) has authorized a share repurchase program under which the Company may repurchase up to US$40 million of its Class A ordinary shares in the form of American depositary shares (“ADSs”) during a twelve-month period commencing on September 28, 2021 (the “Share Repurchase Program”).
“The Share Repurchase Program is well aligned with our commitment to maximizing value for shareholders and reflects the Board’s confidence in the Company’s continued growth and long-term prospects,” said Mr. Changxun Sun, Cloopen’s Chairman of the Board and Chief Executive Officer.
Repurchases under the program 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. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. 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 plans to fund the repurchases from its existing cash balance.