Agora, Inc. Announces Management Share Purchase Plan

Rhea-AI Summary

Agora, Inc. (NASDAQ: API) announced CEO Tony Zhao's plan to purchase up to US$30 million of the company's ADSs or Class A ordinary shares over the next 12 months. This move follows Agora's existing share repurchase program, which allows for up to US$200 million in repurchases, with US$19.8 million already spent as of June 30, 2022. The management plans to execute these purchases depending on market conditions and regulations. Agora aims to strengthen its financial position and shareholder value through these strategic buybacks.

Positive

• CEO Tony Zhao to purchase up to US$30 million in shares, reflecting confidence in Agora's future.
• Ongoing share repurchase program with an available quota of US$180.2 million, signaling potential for increased shareholder value.

Negative

• None.

SANTA CLARA, Calif., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced that Mr. Tony Zhao, founder, chairman and CEO of Agora, has informed Agora’s board of directors of his intention to use his personal funds to purchase up to an aggregate of US$30 million of Agora’s ADSs or Class A ordinary shares for the next 12 months, pursuant and subject to relevant rules and regulations and Agora’s insider trading policy.

The management share purchase may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

As previously announced, Agora’s board of directors had authorized a share repurchase program, under which Agora may repurchase up to an aggregate of US$200 million of its Class A ordinary shares in the form of ADSs, which is effective until the end of February 2023. As of June 30, 2022, Agora had repurchased US$19.8 million of its ADSs under the share repurchase program and is still authorized to use the remaining quota for repurchases within the term of the plan.

Safe Harbor Statements

This press release contains ‘‘forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Agora’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Agora’s current expectations and involve risks and uncertainties. Agora’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; Agora’s ability to manage its growth and expand its operations; the continued impact of the COVID-19 pandemic on global markets and Agora’s business, operations and customers; Agora’s ability to attract new developers and convert them into customers; Agora’s ability to retain existing customers and expand their usage of Agora’s platform and products; Agora’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; Agora’s fluctuating operating results; competition; the effect of broader technological and market trends on Agora’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in Agora’s filings with the Securities and Exchange Commission, including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Agora undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

About Agora

Agora’s mission is to make real-time engagement ubiquitous, allowing everyone to interact with anyone, in any app, anytime and anywhere. Agora’s cloud platform provides developers simple, flexible and powerful application programming interfaces, or APIs, to embed real-time video, voice and chat experiences into their applications. Agora maintains dual headquarters in Shanghai, China and Santa Clara, California.

For more information, please visit: www.agora.io.

FAQ

What is Agora's recent share buyback announcement?

Agora's CEO plans to purchase US$30 million in shares over the next 12 months, supporting the company's stock value.

How much of Agora's share repurchase program has been utilized?

As of June 30, 2022, Agora has repurchased US$19.8 million of its allocated US$200 million.

What is Agora's stock symbol?

Agora trades under the stock symbol 'API' on NASDAQ.

When does Agora's current share repurchase program expire?

The current share repurchase program is effective until the end of February 2023.

What does Agora's CEO's planned purchase signify?

The planned purchase indicates CEO Tony Zhao's confidence in Agora's long-term prospects.