Burning Rock Announces US$10 Million Share Repurchase Program

Rhea-AI Summary

Burning Rock Biotech Limited (NASDAQ: BNR) announced a share repurchase program, allowing buybacks of up to US$10 million in Class A ordinary shares over the next 12 months. The repurchases will occur in the open market and may involve various transaction methods, depending on market conditions. The program is designed to be funded from the company’s existing cash reserves, indicating confidence in maintaining shareholder value.

Positive

• Authorization of a US$10 million share repurchase program enhances shareholder value.
• Planned repurchases funded by existing cash reserves indicate strong liquidity.

Negative

• None.

GUANGZHOU, China, June 21, 2022 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today announced that its board of directors has authorized a share repurchase plan under which the Company may repurchase its Class A ordinary shares in the form of American depositary shares (“ADSs”) with an aggregate value of up to US$10 million during a 12-month period (the “Share Repurchase Program”).

The Company’s proposed repurchases 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 the applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the “SEC”) Rule 10b-18 and/or Rule 10b5-1 requirements.  The Company plans to fund repurchases from its existing cash balance.

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.

For more information about Burning Rock, please visit: ir.brbiotech.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Contact: IR@brbiotech.com

FAQ

What is Burning Rock's share repurchase program?

Burning Rock has authorized a share repurchase program for Class A ordinary shares amounting to up to US$10 million over 12 months.

How will Burning Rock fund the share buyback?

The share repurchase will be funded from Burning Rock's existing cash balance.

What impact could the share repurchase have on BNR stock?

The repurchase program may positively influence BNR stock price by enhancing shareholder value and reducing share supply.

When was the share repurchase program announced by Burning Rock?

The share repurchase program was announced on June 21, 2022.

What types of transactions are included in the repurchase program?

Repurchases may be made in open market transactions, block trades, or other legally permissible means.