Santech Holdings Announces US$5 Million Share Repurchase Program

Rhea-AI Summary

Santech Holdings (NASDAQ: STEC) has announced a new share repurchase program authorized by its board of directors. The program allows the company to repurchase up to US$5 million worth of its outstanding American Depositary Shares (ADSs) over the next 12 months, starting from August 26, 2024.

The repurchases may be made on the open market, through private transactions, block trades, or other legal means. The company will adhere to applicable rules and regulations, including Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Santech plans to fund the repurchases from its existing cash balance. The board will review the program periodically and may adjust its terms and size as needed.

SHANGHAI, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Santech Holdings Limited (“Santech”, or the “Company”) (NASDAQ: STEC), a consumer-focused technology company in China, today announced that the Company's board of directors has authorized a new share repurchase program under which the Company may repurchase up to US$5 million worth of its outstanding American Depositary Shares (“ADSs”), each representing two ordinary shares, over the next 12 months starting from August 26, 2024.

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 may implement the share repurchases in accordance with the requirements under Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The Company’s board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The Company plans to fund repurchases from its existing cash balance.

About Santech Holdings Limited

Santech Holdings Limited (NASDAQ: STEC) is a consumer-focused technology company. The Company historically served a large number of high net-worth clients in China in financial services and health management, and accumulated a large customer base. The Company has exited or disposed of its historical businesses in financial services and is actively exploring innovative new opportunities in technology, including but not limited to new retail, social e-commerce and metaverse. For more information, please visit https://ir.santechholdings.com.

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 “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Contact:
Santech Holdings Limited
Email: ir@santechholdings.com

Media Contact:
ICR, LLC
Edmond Lococo
Phone: +86 138-1079-1408
Email: SantechPR@icrinc.com

FAQ

What is the value of Santech Holdings' new share repurchase program?

Santech Holdings (NASDAQ: STEC) has authorized a share repurchase program worth up to US$5 million of its outstanding American Depositary Shares (ADSs).

When does Santech Holdings' share repurchase program begin and how long will it last?

The share repurchase program begins on August 26, 2024, and will last for 12 months.

How will Santech Holdings (STEC) implement its share repurchase program?

Santech may repurchase shares through open market transactions, privately negotiated deals, block trades, or other legal means, in compliance with applicable rules and regulations.

What regulations will Santech Holdings follow for its share repurchase program?

Santech will follow Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as well as the company's insider trading policy.

How will Santech Holdings (STEC) fund its share repurchase program?

Santech plans to fund the share repurchases from its existing cash balance.