Daqo New Energy Adopts 2022 Share Incentive Plan and Grants RSUs to Its Key Employees, Directors and Officers
Daqo New Energy Corp. (NYSE: DQ) announced its 2022 share incentive plan aimed at attracting and retaining talent. The plan includes the issuance of 37,253,465 restricted share units (RSUs), representing about 10% of total outstanding shares. The RSUs were granted to key employees, directors, and officers as of August 10, 2022. The Company expects to incur approximately $263.4 million in non-cash share-based compensation expenses in Q3 2022, with $7.3 million monthly from October 2022 to September 2025. This move aligns with Daqo's strategy to strengthen its workforce in the competitive solar PV market.
- Approval of a share incentive plan to attract and retain talent.
- Issuance of 37,253,465 RSUs, enhancing employee engagement.
- Alignment with business strategy in the competitive solar PV market.
- Expected $263.4 million in non-cash share-based compensation expenses may impact short-term financials.
- Potential dilution of shares due to RSU grants.
SHANGHAI, Aug. 11, 2022 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that the Company's board of directors has approved its 2022 share incentive plan in order to attract and retain the best available talents and provide additional incentives to its key employees, directors and officers.
The aggregate number of shares issuable under the 2022 share incentive plan is 37,253,465 ordinary shares, which represents approximately
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 105,000 metric tons and is one of the world's lowest cost producers of high-purity polysilicon.
For more information, please visit www.dqsolar.com
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of 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," and similar statements. The Company may make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports 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 the Company's beliefs and expectations, are forward-looking statements. Among other things, the Company's expected share-based compensation expenses contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; changes in the political and regulatory environment; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company's business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
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SOURCE Daqo New Energy Corp.
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