ATRenew Announces Upsizing and Extension of Share Repurchase Program

Rhea-AI Summary

ATRenew announced an expansion of its share repurchase program. Initially set at $20 million, the board has increased the limit to $50 million. Additionally, the program's term has been extended to June 27, 2025. The program aims to reflect the company's commitment to enhancing shareholder value.

Positive

• Share repurchase limit increased from $20 million to $50 million.
• Program term extended to June 27, 2025.

Negative

• None.

SHANGHAI, June 21, 2024 /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 the Company's board of directors has approved modifications to the size and term of its existing share repurchase program adopted in March 2024, increasing the aggregate value of shares that may be repurchased from US$20 million to US$50 million and extending the effective term to June 27, 2025. 

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. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business. 

Investor Relations 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-upsizing-and-extension-of-share-repurchase-program-302178804.html

SOURCE ATRenew Inc.

FAQ

What changes did ATRenew announce to its share repurchase program?

ATRenew increased the share repurchase limit from $20 million to $50 million and extended the program term to June 27, 2025.

When is the new expiry date for ATRenew's share repurchase program?

The share repurchase program has been extended to June 27, 2025.

How much has ATRenew allocated for its share repurchase program?

ATRenew has allocated $50 million for its share repurchase program.

What is the stock symbol for ATRenew?

The stock symbol for ATRenew is RERE.