Lucas GC Limited announced on November 8, 2024, an update on its US$6 million share repurchase program. Between October 29, 2024, and November 7, 2024, the company repurchased 96,243 ordinary shares at an average price of US$1.2189 per share, totaling US$117,312.53. These shares are now held as treasury shares, representing approximately 0.121% of the company’s issued share capital.
The company's board of directors had authorized this share repurchase program on August 8, 2024. This initiative aims to maximize shareholder value, with CEO Howard Lee stating that the company's ordinary shares were trading below intrinsic valuation.
Accompanying the repurchase update, Lucas GC Limited reported a gross margin of 33.54% for the six months ended June 30, 2024, an increase of 516 basis points compared to the same period in 2023. The company's active registered users grew by 10% in the first half of 2024, reaching 702,060 by June 2024. Furthermore, Lucas GC Limited obtained two significant patents in 2024, signed two strategic agreements with publicly traded financial institutions to integrate its AI LLM technology into wealth management, and partnered with a leading AI firm to develop AI training courses.
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