JX Luxventure Announces US$5,000,000 Shares Repurchase Program and Signs US$30,000,000 Sales Agreement
On June 20, 2022, JX Luxventure Limited (LLL) announced a $5 million share repurchase program to be executed over the next year, aimed at boosting shareholder confidence. The funds will be provided by CEO Sun "Ice" Lei. This decision comes as the Board believes the current stock price undervalues the company. Additionally, JX Hainan, a subsidiary, signed a $30 million agreement with Hainan Douxing for cross-border merchandise sales through live streaming. The deal marks the fourth major contract this year, expected to significantly increase revenue.
- Authorization of a $5 million share repurchase program to enhance shareholder confidence.
- A $30 million sales agreement with Hainan Douxing, expected to boost revenue.
- Four major contracts signed in 2022, indicating strong business growth.
- None.
HAIKOU, China, June 22, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the "Company"), a company delivering comprehensive products solutions to global high-net-worth families serviced by our business customers with business segments covering menswear, cross-border merchandise and tourism, announced today that on June 20, 2022, the Company's Board of Directors (the "Board") has authorized a share repurchase program of up to US
The specific timing and amount of the proposed repurchases by Sun "Ice" Lei may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades or through other legally permissible means, and will be determined by the market and other conditions, securities law limitations and other applicable rules and regulations. Sun "Ice" Lei will not sell the shares in the public market for at least two years.
The Company and Sun "Ice" Lei intend to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-8 of the Securities Exchange Act of 1934, as amended.
On June 17, 2022, Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. ("JX Hainan"), a subsidiary of the Company, entered into and executed a Framework Agreement on Strategic Cooperation (the "Agreement") with Hainan Douxing Cultural Media Co., Ltd. ("Hainan Douxing"), one of the major live stream content providers with over 30 A list live streamers and reaches over 30,000,000 followers in China. Pursuant to the Agreement, Hainan Douxing will sell JX Hainan cross-border merchandise, including cosmetics and skincare products, in the amount up to USD30,000,000 on the live-stream E-commerce shows hosted by Hainan Douxing.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "We believe that the current trading price of our stock is not a true reflection of our business value. We have confidence in our business and believe the stock price will soon reflect and match our business growth. This Share Repurchase Program confirms this belief and will unlock our shareholder value.
The agreement with Hainan Douxing is the fourth major cross-border merchandise-related contract signed by the Company's subsidiaries since late March of 2022. We expect that four major contracts signed this year will increase the revenue of our cross-border merchandise business segment significantly in 2022."
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited is a company delivering comprehensive products solutions to global-high-net worth families serviced by our business customers with business segments covering menswear, cross-border merchandise and tourism. To learn more about the Company, please visit its corporate website at en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of JX Luxventure Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. 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 periodic 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.
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SOURCE JX Luxventure Limited
FAQ
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