Hollysys Announces Management's Plan to Purchase Public Market Shares
Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) announced plans for its management team to purchase up to US$50 million in the company's shares over a six-month period. This initiative, funded through a special purpose vehicle owned by management, aims to enhance shareholder value. A lock-up period of at least 24 months will apply to the purchased shares. Chairwoman Li Qiao stated that this move signifies management's confidence in the company and its commitment to shareholders. Hollysys operates extensively in automation control systems across various industries.
- Management plans to purchase up to US$50 million of shares, indicating confidence in the company.
- Shares bought by management will have a 24-month lock-up period, signaling long-term commitment.
- None.
BEIJING, Jan. 8, 2021 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today announces that it has been notified that certain members of the Company's management team plan to purchase the Company's ordinary shares from the public market at market prices. The share purchases will be conducted by a special purpose vehicle beneficially owned and funded by management of the Company. They expect to purchase shares in an aggregate value of up to US
Ms. Li Qiao, Chairwoman of the Hollysys board, said, "management's plan to purchase public market shares demonstrates management's confidence in the Company and their ongoing commitment to delivering value to our shareholders."
About Hollysys Automation Technologies Ltd.
Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. Hollysys had cumulatively carried out more than 30,000 projects for approximately 17,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.
SAFE HARBOUR
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contact information:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-5898-1386
investors@hollysys.com
View original content:http://www.prnewswire.com/news-releases/hollysys-announces-managements-plan-to-purchase-public-market-shares-301203295.html
SOURCE Hollysys Automation Technologies Ltd.
FAQ
What is Hollysys Automation Technologies Ltd.'s stock symbol?
How much does Hollysys management plan to invest in share purchases?
What is the lock-up period for the shares purchased by Hollysys management?
When was Hollysys Automation Technologies Ltd.'s share purchase announcement made?
What does Hollysys Automation Technologies Ltd. specialize in?
