Viomi Technology Co., Ltd Announces Update of Share Repurchase Program

Rhea-AI Summary

Viomi Technology Co., Ltd (NASDAQ: VIOT) has updated its share repurchase program, aiming to buy back up to US$10 million worth of Class A ordinary shares. Since the program's announcement on October 14, 2021, the company has repurchased US$1.2 million in shares between December 1 and December 13, 2021. Repurchases, funded from existing cash, may occur through various means depending on market conditions and share prices, reflecting the company's confidence in enhancing shareholder value.

Positive

• Share repurchase program of up to US$10 million indicates confidence in company value.
• US$1.2 million of shares repurchased enhances shareholder return.
• The program showcases commitment to supporting stock price stability.

Negative

• None.

GUANGZHOU, China, Dec. 14, 2021 /PRNewswire/ -- Viomi Technology Co., Ltd ("Viomi" or the "Company") (NASDAQ: VIOT), a leading IoT @ Home technology company in China, today provided an update on the Company's previously announced share repurchase program to repurchase up to US$10 million worth of its Class A ordinary shares in the form of American depositary shares.  

The Company has repurchased US$1.2 million worth of its Class A ordinary shares in the form of American depositary shares in the period from December 1, 2021 up to and including December 13, 2021.

The share repurchase program was announced on October 14, 2021. Future 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 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 funds 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-update-of-share-repurchase-program-301443877.html

SOURCE Viomi Technology Co., Ltd

FAQ

What is the status of Viomi's share repurchase program as of December 2021?

Viomi Technology has repurchased US$1.2 million worth of shares since the program's announcement on October 14, 2021, aiming to buy back up to US$10 million.

How much has Viomi spent on share repurchases from December 1 to December 13, 2021?

From December 1 to December 13, 2021, Viomi spent US$1.2 million on share repurchases.

What are the future plans for Viomi's share repurchase program?

Future repurchases may occur based on prevailing market conditions and will be funded from the company's existing cash balance.

When was Viomi's share repurchase program announced?

Viomi's share repurchase program was announced on October 14, 2021.