Metalpha Technology Holding Limited Announces US$5 Million Share Repurchase

Rhea-AI Summary

Metalpha Technology Holding Limited (NASDAQ: MATH) announced a share repurchase program, enabling the company to buy back up to US$5 million worth of shares over the next 12 months. This decision follows its recent divestiture in mainland China. The company's executives believe this program will enhance shareholder value, especially as they view their stock as currently undervalued. Despite a challenging year for the industry, Metalpha has exhibited resilience and aims to attract more investors through this strategic move. The company's focus remains on providing high-quality cryptocurrency investment products.

Positive

• Authorization of a share repurchase program for up to US$5 million.
• Strategic move to enhance shareholder value amidst a challenging industry.
• Company's stock perceived as undervalued, potentially benefiting future investors.

Negative

• None.

HONG KONG, Feb. 28, 2023 /PRNewswire/ -- Metalpha Technology Holding Limited (NASDAQ: MATH) (the "Company" or "Metalpha"), a digital asset management service provider, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$5 million of its shares over the next 12 months, following the post-completion of its mainland China business divestiture .

 "We are uniquely positioned in the industry as we set foot in between traditional finance and digital assets space. As a NASDAQ-listed company, the Company follows the stringent compliance standards as required by the U.S. regulators. Despite a challenging 2022 for the industry, our business has shown resilience and continued to grow. This share repurchase program is a strategic move to welcome more investors to follow our growth journey." said Adrian Wang, President of Metalpha.

"Entering 2023, the pace of global economic recovery remains challenging and unpredictable, we hope more investors hear about the new initiatives at Metalpha and our stock repurchase program, which is designed to build long-term value for our shareholders. It is also an efficient way to use capital to improve our stock value, which we believe is currently undervalued," said Chief Operating Officer of the Company, Ming Ni.

Metalpha aims to provide customers with high-quality product design and trading capabilities in the industry and is committed to delivering the best structured derivative products to cryptocurrency market participants.

About Metalpha Technology Holding Limited

Founded in 2015, Metalpha Technology Holding Limited (NASDAQ: MATH) went public on October 20, 2017. The listed Company is dedicated to providing investing and wealth management services with a full-service, institutional-grade platform. With dedicated blockchain expertise, the Company aims to become a leader in the field of crypto wealth management services, bringing robust innovation and transparency to  the customers and businesses it serves.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including the further spread of the COVID-19 virus or new variants thereof, or the occurrence of another wave of cases and the impact it may have on the Company's operations and the demand for the Company's services, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and its other filings with the U.S. Securities and Exchange Commission.

View original content:https://www.prnewswire.com/news-releases/metalpha-technology-holding-limited-announces-us5-million-share-repurchase-301757489.html

SOURCE Metalpha Technology Holding Limited

FAQ

What is Metalpha's recent share repurchase announcement?

Metalpha Technology Holding Limited announced a share repurchase program allowing the company to buy back up to US$5 million worth of shares over the next 12 months.

Why did Metalpha initiate a share repurchase program?

The share repurchase program aims to enhance shareholder value and attract more investors as the management believes the stock is currently undervalued.

How will the share repurchase impact Metalpha's stock price?

The share repurchase is designed to improve stock value, which could lead to a more favorable perception among investors.

When was Metalpha's share repurchase program authorized?

The share repurchase program was authorized on February 28, 2023.

What is the stock symbol for Metalpha Technology Holding Limited?

The stock symbol for Metalpha Technology Holding Limited is MATH.