Viomi Technology Co., Ltd Announces Share Repurchase Plan

Rhea-AI Summary

Viomi Technology Co. Ltd (NASDAQ: VIOT) announced a share repurchase program authorized by its Board of Directors, allowing for the buyback of up to US$10 million worth of Class A ordinary shares over the next twelve months. The CEO, Xiaoping Chen, expressed confidence in the company's business outlook and financial health, stating that this initiative will enhance shareholder value. Repurchases may occur in various forms, including open market purchases and block trades, funded by existing cash reserves.

Positive

• Share repurchase program valued at US$10 million emphasizes strong balance sheet and cash flow generation.
• Demonstrates management's confidence in long-term business outlook and potential value creation for shareholders.

Negative

• None.

GUANGZHOU, China, Oct. 14, 2021 /PRNewswire/ -- Viomi Technology Co., Ltd ("Viomi" or the "Company") (NASDAQ: VIOT), a leading IoT @ Home technology company in China, today announced that the Company's Board of Directors has approved a share repurchase program whereby the Company is authorized to repurchase up to US$10 million worth of its Class A ordinary shares in the form of American depositary shares over the next twelve calendar months.

Mr. Xiaoping Chen, Founder, Chairman of the Board of Directors and Chief Executive Officer of Viomi, said, "The share repurchase program demonstrates our confidence in our business outlook and long-term strategy, as well as our strong balance sheet and ability to generate cash flow. We believe this program will benefit the Company's development and create values for our consumers and shareholders."

The Company's proposed repurchases may be conducted 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 a number of factors, including, but not limited to share price, trading volume, general market conditions, the Company's working capital requirements, general business conditions and other factors, and in accordance with applicable rules and regulations. The Company expects to fund the repurchase out of its existing cash balance.‎

About Viomi Technology

Viomi's mission is to redefine the future home via the concept of IoT @ Home.

Viomi has developed a unique IoT @ Home platform consisting of an ecosystem of innovative IoT-enabled smart home products, together with a suite of complementary consumable products and value-added businesses. This platform provides an attractive entry point into the consumer home, enabling consumers to intelligently interact with a broad portfolio of IoT products in an intuitive and human-like manner to make daily life more convenient, efficient and enjoyable, while allowing Viomi to grow its household user base and capture various additional scenario-driven consumption events in the home environment.

For more information, please visit: http://ir.viomi.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under 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," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Viomi's strategic and operational plans, contain forward-looking statements. Viomi may also make written or oral forward-looking statements in its periodic reports to the United States 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 the Company's beliefs 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: the Company's growth strategies; the cooperation with Xiaomi, the recognition of the Company's brand; trends and competition in global IoT-enabled smart home market; development and commercialization of new products, services and technologies; governmental policies relating to the Company's industry and general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Viomi Technology Co., Ltd
Cecilia Li
E-mail: ir@viomi.com.cn

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: viomi@tpg-ir.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: viomi@tpg-ir.com

View original content:https://www.prnewswire.com/news-releases/viomi-technology-co-ltd-announces-share-repurchase-plan-301400174.html

SOURCE Viomi Technology Co., Ltd

FAQ

What is the share repurchase plan announced by Viomi Technology (VIOT)?

Viomi Technology has approved a share repurchase program allowing for the buyback of up to US$10 million worth of its Class A ordinary shares over the next twelve months.

What is the purpose of Viomi's share repurchase program?

The share repurchase program aims to enhance shareholder value and demonstrates management's confidence in the company's business outlook and strong financial position.

How will Viomi fund its share repurchase program?

Viomi plans to fund the share repurchase program from its existing cash balance.

When will Viomi conduct the share repurchases?

Repurchases may occur at any time over the next twelve months, depending on market conditions and other factors.

What impact might the share buyback have on VIOT's stock price?

The share buyback is expected to positively influence VIOT's stock price by reducing the number of shares outstanding and signaling confidence in the company's future.