ATRenew Announces Extension of its Existing Share Repurchase Program

Rhea-AI Summary

ATRenew Inc. (NYSE: RERE) has announced an extension of its existing share repurchase program for another 12 months starting December 28, 2022. The board approved a total repurchase amount of US$100 million, of which US$33 million has been repurchased to date. This leaves a remaining US$67 million for future buybacks. The company plans to finance these repurchases using its existing cash balance. This strategic move aims to enhance shareholder value while continuing its operations in the pre-owned consumer electronics market.

Positive

• Extension of share repurchase program demonstrates confidence in future growth.
• Remaining buyback amount of US$67 million can enhance shareholder value.
• Funding from existing cash balance indicates financial stability.

Negative

• None.

SHANGHAI, Dec. 9, 2022 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced that its board of directors has authorized an extension of the Company's existing share repurchase program for another twelve-month period starting from December 28, 2022, with all other terms remain unchanged.

The Company's board of directors adopted the existing share repurchase program on December 28, 2021, pursuant to which the Company may repurchase up to US$100 million of its shares over a twelve-month period starting from December 28, 2021. As of December 9, 2022, the Company has repurchased US$33 million of its shares. As a result, the Company may continue to repurchase up to US$67 million of its shares until the expiration of the extended share repurchase program.

The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company's board of directors will review the extended share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases from its existing cash balance.

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to provide facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

In China: 
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com

In the United States: 
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

View original content:https://www.prnewswire.com/news-releases/atrenew-announces-extension-of-its-existing-share-repurchase-program-301699053.html

SOURCE ATRenew Inc.

FAQ

What is the total amount authorized for ATRenew's share repurchase program?

The total amount authorized for ATRenew's share repurchase program is US$100 million.

How much has ATRenew repurchased as of December 9, 2022?

As of December 9, 2022, ATRenew has repurchased US$33 million of its shares.

What is the remaining buyback amount for ATRenew after the recent repurchases?

The remaining buyback amount for ATRenew is US$67 million.

When does the extended share repurchase program start?

The extended share repurchase program starts on December 28, 2022.