EPOW’s Chairman Announces Purchase of 200,000 Shares in 30 Days

Rhea-AI Summary

Sunrise New Energy Co., Ltd. (NASDAQ: EPOW) announced Chairman Haiping Hu's decision to purchase 200,000 shares of the company's stock, citing undervaluation and confidence in future prospects. The company is a major supplier to top global lithium battery manufacturers, offering live streaming of its production and shipment processes for investor transparency. Despite milestones, the stock has declined. Sunrise plans to develop a lithium battery material manufacturing facility in the US, aiming to meet cross-border customer needs and enhance global market position.

ZIBO, China, Nov. 10, 2023 (GLOBE NEWSWIRE) --  Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that its Chairman, Mr. Haiping Hu, has revealed his decision to purchase 200,000 shares of the company's stock in 30 days.

Sunrise has rapidly emerged as a major supplier to the top global lithium battery manufacturers, including CATL and BYD. In an effort to foster trust and provide investors with direct visibility into the Company's operations, Sunrise provides live streaming of its production and shipment processes by 24/7 surveillance cameras across various areas of the plant.

Despite achieving significant milestones, the company's stock has experienced a surprising and continuous decline. “ I have made the decision to purchase the company's stock motivated by the belief that the stock is severely undervalued and with unwavering confidence in the company's future prospects.” said Sunrise’s Chairman Mr. Haiping Hu. “Furthermore, I have plans to acquire more shares in the near future.”

The company is actively strategizing the development of a lithium battery material manufacturing facility in the United States. This strategic initiative aims to meet the evolving needs of cross-border customers and enhance the company's position in the global market. Comprehensive details regarding the planned construction of the facility will be announced in the coming weeks.

About Sunrise New Energy Co., Ltd

Headquartered in Zibo, Shandong Province, China, Sunrise New Energy Co., Ltd., through its joint venture, is engaged in the manufacturing and sale of graphite anode material for lithium-ion batteries. The Company’s joint venture is constructing a 260,543 ㎡manufacturing plant in Guizhou Province, China. The plant runs on inexpensive electricity from renewable sources, which helps to make Sunrise New Energy a low-cost and low–environmental-impact producer of graphite anode material. Mr. Haiping Hu, the founder and CEO of the Company, is a major pioneer for the graphite anode industry in China starting from 1999. The Company’s management team is also composed of experts with years of experiences and strong track-records of success in the graphite anode industry. In addition, the Company also operates a knowledge sharing platform in China. For further information, please visit the Company’s website at www.sunrisenewenergy.com. The Company also maintains a Twitter account (@sunrisenewener1) to keep investors up to date on the latest development of the Company.

Forward-looking statement

Certain statements in this press release regarding the Company's future expectations, plans and prospects constitute forward-looking statements as defined by Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events, expected results, assumptions and any other factual statements that have not occurred. Any words that refer to "may", "will", "want", "should", "believe", "expect", "expect", "estimate", "estimate" or similar non-factual words, shall be regarded as forward-looking statements. Due to various factors, the actual results may differ materially from the historical results or the contents expressed in these forward-looking statements. These factors include, but are not limited to, the company's strategic objectives, the company's future plans, market demand and user acceptance of the company's products or services, technological updates, economic trends, the company's reputation and brand, the impact of industry competition and bidding, relevant policies and regulations, the ups and downs of China's macroeconomic conditions, the relevant international market conditions, and other related risks and assumptions disclosed in the Company’s Annual Report on Form 20-F.. In view of the above and other related reasons, we advise investors not to blindly rely on these forward-looking statements, and we urge investors to visit the SEC’s website to consult the company's relevant documents for other factors that may affect the company's future operating results. The company is under no obligation to make public amendments to changes in these forward-looking statements due to specific events or reasons unless required by law.

For more information, please contact:

The Company:
IR Department
Email: IR@sunrisenewenergy.com
Phone: +86 4009919228

FAQ

Why did Chairman Haiping Hu decide to purchase 200,000 shares of Sunrise's stock?

Chairman Haiping Hu believes the stock is undervalued and has unwavering confidence in the company's future prospects.

What is Sunrise New Energy Co., Ltd.'s position in the lithium battery industry?

Sunrise is a major supplier to top global lithium battery manufacturers, including CATL and BYD.

What strategic initiative is Sunrise undertaking in the United States?

Sunrise plans to develop a lithium battery material manufacturing facility in the US to meet cross-border customer needs and enhance global market position.