I-Mab Announces Share Purchase Plans by the Company and the Senior Management
I-Mab (Nasdaq: IMAB) announced on August 23, 2022, its plan to implement a share repurchase program authorized by its Board of Directors. The Company and senior management, including Chairman Dr. Jingwu Zang, intend to use personal funds to buy up to US$40 million of the Company's American Depositary Shares (ADSs) on the open market. The timing and amount of repurchases will comply with U.S. Securities and Exchange Commission regulations. This move aims to enhance shareholder value as I-Mab progresses in its mission to develop innovative biologics for immuno-oncology diseases.
- Implementation of a share repurchase program for up to US$40 million.
- Commitment from senior management, including Dr. Jingwu Zang, to invest personal funds into company shares.
- Initiatives aimed at enhancing shareholder value.
- None.
GAITHERSBURG, Md. and SHANGHAI, Aug. 23, 2022 /PRNewswire/ -- I-Mab ("I-Mab" or the "Company") (Nasdaq: IMAB), a clinical-stage biopharmaceutical company committed to the discovery, development, and commercialization of novel biologics, today announced that it plans to implement share repurchases pursuant to the share repurchase program previously authorized by its Board of Directors. On the same day, the Company was also informed by Dr. Jingwu Zang, Chairman and Acting Chief Executive Officer of the Company, and other members of senior management of their intention to use personal funds to purchase the Company's American Depositary Shares (the "ADSs") on the open market. Under the share purchase plans, the Company and the senior management may purchase up to US
The timing and dollar amount of share repurchase and share purchase transactions will be subject to the applicable U.S. Securities and Exchange Commission rule requirements. The Company's Board of Directors will review the implementation of share repurchases periodically, and may authorize adjustment of its terms and size.
About I-Mab
I-Mab (Nasdaq: IMAB) is an innovation-driven global biopharma company focused on the discovery, development and commercialization of novel and highly differentiated biologics for immuno-oncology diseases. The Company's mission is to bring transformational medicines to patients around the world through innovation. I-Mab's globally competitive pipeline of more than 20 clinical and preclinical-stage drug candidates is driven by its internal discovery and global partnerships for in-licensing, based on the Company's Fast-to-Proof-of-Concept and Fast-to-Market development strategies. The Company is progressing from a clinical-stage biotech company into an innovative global specialty biopharmaceutical company with cutting-edge R&D capabilities, a world-class GMP manufacturing facility, and commercial capability. I-Mab has established its global footprint in Shanghai (headquarters), Beijing, Hangzhou, Guangzhou, Lishui and Hong Kong in China, and Maryland and San Diego in the United States. For more information, please visit http://www.i-mabbiopharma.com and follow I-Mab on LinkedIn, Twitter, and WeChat.
Forward Looking Statements
This press release includes certain disclosures which contain "forward-looking statements." These statements are made under the "safe harbor" within the meaning provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other federal securities laws. You can identify forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements about I-Mab's beliefs and expectations, management's intention to purchase shares, the expected plan and the amount of the shares to be purchased are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements as a result of various important factors. Those factors and risks are more fully discussed in I-Mab's most recent annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in I-Mab's subsequent filings with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to I-Mab, and I-Mab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Any purchase under the Program and by the shareholders will be made depend upon market pricing and conditions, business, legal, accounting and other considerations. The press release does not obligate I-Mab or any of its shareholders to acquire any particular number of its ADSs.
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SOURCE I-Mab
FAQ
What is the purpose of I-Mab's share repurchase program announced on August 23, 2022?
Who is involved in the share purchase plans at I-Mab?
How much is I-Mab planning to spend on share repurchases?
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