Asset Entities Announces Stock Repurchase Program

Rhea-AI Summary

Asset Entities Inc. (ASSET) Announces Stock Repurchase Program to Buy 1,250,000 Shares of Class B Common Stock

DALLAS, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced that the Company's Board of Directors has approved a stock repurchase program to purchase up to an aggregate of 1,250,000 shares of its outstanding Class B Common Stock. Acquisitions pursuant to this stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company’s discretion. The stock repurchase program will expire on November 21, 2024, unless otherwise modified by the Board of Directors.

"This stock buyback program reflects our firm commitment to maximizing shareholder value,” said Asset Entities Chief Executive Officer Arshia Sarkhani. “We believe our business is strong and dynamic as we move forward with the objective of growing our business in the coming quarters.”

The Company expects to finance any stock repurchases with existing cash balances. The stock repurchase program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock. As of November 27, 2023, 5,639,134 shares of Class B Common Stock were outstanding.

About Asset Entities, Inc.

Asset Entities Inc. is a technology company providing social media marketing, management, and content delivery across Discord, TikTok, Instagram, Twitter, YouTube, and other social media platforms. Asset Entities is believed to be the first publicly traded Company based on the Discord platform, where it hosts some of Discord’s largest social community-based education and entertainment servers. The Company’s AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development, and Management of Discord community servers. Asset Entities’ initial AE.360.DDM customers have included businesses and celebrities. The Company’s Social Influencer Network (SiN) service offers white-label marketing, content creation, content management, TikTok promotions, and TikTok consulting to clients in all industries and markets. The Company’s SiN influencers can increase the social media reach of client Discord servers and drives traffic to their businesses. Learn more at assetentities.com, and follow the Company on Twitter at $ASST and @assetentities.

Important Cautions Regarding Forward-Looking Statements

This press release contains forward-looking statements. In addition, from time to time, representatives of the Company may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which are derived from the information currently available to the Company. Such forward-looking statements relate to future events or the Company’s future performance, including its financial performance and projections, growth in revenue and earnings, and business prospects and opportunities. Forward-looking statements can be identified by those statements that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors including those that are described in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

Company Contacts:

Arshia Sarkhani, President and Chief Executive Officer
Michael Gaubert, Executive Chairman
Asset Entities Inc.
Tel +1 (214) 459-3117 
Email Contact

Investor Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

What did Asset Entities Inc. (ASSET) announce?

Asset Entities Inc. announced a stock repurchase program to purchase up to 1,250,000 shares of its outstanding Class B Common Stock.

When will the stock repurchase program expire?

The stock repurchase program will expire on November 21, 2024, unless modified by the Board of Directors.

How does Asset Entities Inc. (ASSET) plan to finance the stock repurchases?

The company expects to finance any stock repurchases with existing cash balances.

Can the stock repurchase program be suspended or discontinued?

Yes, the stock repurchase program may be suspended or discontinued at any time and does not obligate the company to acquire any amount of common stock.

How many shares of Class B Common Stock were outstanding as of November 27, 2023?

As of November 27, 2023, 5,639,134 shares of Class B Common Stock were outstanding.