UC Asset announces plan of management stock buyback
UC Asset LP (OTCQB: UCASU) has announced a management stock buyback plan, as disclosed in their recent Form 1-U filing with the SEC. The company's general partner members intend to purchase shares on the open market throughout the remainder of 2024 and potentially into 2025. Concurrently, UC Asset has cancelled its previously announced company stock repurchase program due to regulatory constraints and bylaw limitations.
Founder Larry Wu explained that company buybacks are subject to strict regulations, including price and volume limitations, which made it impractical for UC Asset given its low trading volume. Additionally, the company couldn't secure majority shareholder approval for necessary bylaw amendments. The management buyback, however, is not subject to the same restrictions and will be conducted at the discretion of the purchasing general partner members.
UC Asset LP (OTCQB: UCASU) ha annunciato un piano di riacquisto azionario da parte della dirigenza, come comunicato nel recente deposito del modulo 1-U presso la SEC. I membri del socio generale della società intendono acquistare azioni sul mercato aperto per il resto del 2024 e, potenzialmente, nel 2025. Contemporaneamente, UC Asset ha annullato il suo precedente programma di riacquisto di azioni a causa di vincoli normativi e limitazioni statutarie.
Il fondatore Larry Wu ha spiegato che i riacquisti aziendali sono soggetti a regolamenti rigorosi, comprese limitazioni di prezzo e volume, il che ha reso impraticabile per UC Asset, data la sua bassa liquidità. Inoltre, la società non è riuscita a ottenere l'approvazione della maggioranza degli azionisti per le necessarie modifiche statutarie. Tuttavia, il riacquisto da parte della dirigenza non è soggetto alle stesse restrizioni e sarà effettuato a discrezione dei membri del socio generale acquirente.
UC Asset LP (OTCQB: UCASU) ha anunciado un plan de recompra de acciones por parte de la dirección, como se reveló en su reciente presentación del Formulario 1-U ante la SEC. Los miembros del socio general de la empresa tienen la intención de comprar acciones en el mercado abierto durante el resto de 2024 y potencialmente en 2025. Al mismo tiempo, UC Asset ha cancelado su programa de recompra de acciones previamente anunciado debido a restricciones regulatorias y limitaciones estatutarias.
El fundador Larry Wu explicó que las recompras de acciones de la empresa están sujetas a regulaciones estrictas, incluidas limitaciones de precio y volumen, lo que hizo que fuera impráctico para UC Asset, dada su baja actividad en el mercado. Además, la empresa no pudo obtener la aprobación de la mayoría de los accionistas para las modificaciones estatutarias necesarias. Sin embargo, la recompra por parte de la dirección no está sujeta a las mismas restricciones y se llevará a cabo a discreción de los miembros del socio general comprador.
UC Asset LP (OTCQB: UCASU)는 SEC에 제출한 최근 1-U 양식에 따라 경영진 주식 매입 계획을 발표했습니다. 회사의 일반 파트너 구성원들은 2024년 남은 기간과 잠재적으로 2025년까지 공개 시장에서 주식을 구매할 계획입니다. 동시에 UC Asset은 이전에 발표된 회사 주식 매입 프로그램을 취소했습니다 규제 제한과 정관 한계로 인해.
창립자 래리 우는 회사의 주식 매입이 가격 및 거래량 제한 등 엄격한 규제를 받으며, 이러한 이유로 UC Asset에는 비현실적이라고 설명했습니다. 또한, 회사는 필요한 정관 수정에 대해 대주주 승인을 받지 못했습니다. 그러나 경영진의 주식 매입은 동일한 제한을 받지 않으며, 매입하는 일반 파트너 구성원의 재량에 따라 진행됩니다.
UC Asset LP (OTCQB: UCASU) a annoncé un plan de rachat d'actions par la direction, comme indiqué dans leur récente déclaration du formulaire 1-U auprès de la SEC. Les membres du partenaire général de l'entreprise envisagent d'acheter des actions sur le marché libre jusqu'à la fin de 2024 et potentiellement jusqu'en 2025. Parallèlement, UC Asset a annulé son programme de rachat d'actions précédemment annoncé en raison de contraintes réglementaires et de limitations statutaires.
Le fondateur Larry Wu a expliqué que les rachats d'actions de l'entreprise sont soumis à des règlementations strictes, y compris des limites de prix et de volume, ce qui a rendu l'opération impraticable pour UC Asset étant donné son faible volume d'échanges. De plus, l'entreprise n'a pas pu obtenir l'approbation de la majorité des actionnaires pour les modifications de statuts nécessaires. Cependant, le rachat par la direction n'est pas soumis aux mêmes restrictions et sera effectué à la discrétion des membres du partenaire général acheteur.
UC Asset LP (OTCQB: UCASU) hat einen Rückkaufplan für Aktien durch das Management angekündigt, wie in der kürzlich eingereichten Form 1-U bei der SEC angegeben. Die Mitglieder des geschäftsführenden Partners der Gesellschaft beabsichtigen, im offenen Markt bis Ende 2024 und möglicherweise auch 2025 Aktien zu kaufen. Gleichzeitig hat UC Asset sein zuvor angekündigtes Aktienrückkaufprogramm abgesagt, aufgrund regulatorischer Einschränkungen und satzungsmäßiger Grenzen.
Gründer Larry Wu erklärte, dass Unternehmensrückkäufe strengen Vorschriften unterliegen, einschließlich Preis- und Mengenbeschränkungen, was es für UC Asset aufgrund des niedrigen Handelsvolumens unpraktisch machte. Darüber hinaus konnte das Unternehmen die Zustimmung der Mehrheit der Aktionäre für die notwendigen Änderungen der Satzung nicht sichern. Der Rückkauf durch das Management unterliegt jedoch nicht denselben Einschränkungen und wird nach Ermessen der kaufenden Mitglieder des geschäftsführenden Partners durchgeführt.
- Management's willingness to invest personal funds in company stock shows confidence in UC Asset's future
- Management buyback may potentially increase stock demand and support share price
- Cancellation of company stock repurchase program may disappoint some investors
- Low trading volume of UCASU stock indicates market liquidity
- Inability to secure shareholder approval for bylaw amendments suggests potential governance challenges
According to its Form 1-U, some members of UC Asset's general partner will purchase shares of the company on the open market in the rest of the year 2024, and may continue doing so in the year 2025.
In the same Form 1-U, it is also announced that the company has cancelled its stock repurchase program, which was first announced in January 2024.
"Company buyback is subject to certain laws and regulations such as Rule 10b-18 ("Safe Harbor" for Issuer Repurchases) of the Security Act. It limits the price of buyback to not higher than the highest independent bid or the last independent transaction price. Also, it limits the total volume of buyback on any single day to no more than
"Besides, there are certain articles in our bylaw that can be interpreted as prohibiting stock buyback, so an effective buyback program requires material amendments to our bylaw," says Wu. "After months of discussion with shareholders who collectively hold a majority of voting rights in our company, we have concluded that we cannot secure majority vote to make these amendments. For the reasons above, the company has decided to cancel its share repurchase program."
Meanwhile, Wu asserts that he believes a management buyback will not be subject to the same regulations, and will not be prohibited by the company's bylaw.
The amount, price and time of such management buyback will be at the sole discretion of the purchasing general partner member. All purchases will be disclosed on Form 4 in a timely manner.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies. For more information about UC Asset, please visit: www.ucasset.com
Disclaimer:
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.
For More Information Contact: IR@UCasset.com, +1 470-475-1035
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SOURCE UC Asset LP
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