360 shareholders vote 'yes' on repurchase agreement with Opera

Rhea-AI Summary

Opera Limited (NASDAQ: OPRA) has announced that shareholders of 360 Security Technology Inc. have approved a share repurchase agreement with Opera's pre-IPO shareholder, Qifei International Development Co. Ltd. Following the completion of this transaction, 360 will exit its position as a shareholder in Opera. The transaction is expected to close within 10 business days. This move strengthens Opera's shareholder structure and may enhance shareholder value by reducing the number of outstanding shares.

Positive

• Share repurchase strengthens shareholder structure.
• 360's exit could increase shareholder value.

Negative

• None.

OSLO, Norway, Oct. 10, 2022 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA) ("Opera"), one of the world's major browser developers and a leading internet consumer brand, today announced that the shareholders of 360 Security Technology Inc. (601360:CH) (hereinafter, "360") have approved the previously announced share repurchase agreement between Opera and its pre-IPO shareholder Qifei International Development Co. Ltd., a 360 subsidiary. Following the transaction, 360 will no longer be a shareholder in Opera.

Opera will update the market once the transaction is closed, which is expected to take place within 10 business days.

About Opera

Opera is a global web innovator. Opera's browsers, gaming, Web3 and news products are the trusted choice of hundreds of millions of users worldwide. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock exchange (OPRA). Download the Opera browser from www.opera.com.

Learn more about Opera at investor.opera.com or on Twitter @InvestorOpera.

Investor Relations Contact:
investor-relations@opera.com

 

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SOURCE Opera Limited

FAQ

What is the recent share repurchase agreement involving Opera (OPRA)?

Opera has announced a share repurchase agreement with 360 Security Technology's shareholders, which has been approved.

How will the share repurchase affect Opera's stock price?

The share repurchase is expected to potentially increase shareholder value by reducing the number of outstanding shares.

When is the share repurchase transaction expected to close?

The transaction is expected to close within 10 business days.

What does the exit of 360 Security Technology mean for Opera (OPRA)?

360 will no longer hold shares in Opera, which may enhance Opera's shareholder structure.