VNET Group, Inc. announced that its Board of Directors has authorized a share repurchase program, allowing the company to repurchase up to US$50 million of its American depositary shares (ADSs). Each ADS represents six Class A ordinary shares of the company. This program is effective upon the signing of a formal stock repurchase plan engagement agreement with a qualified broker-dealer.
The repurchases may be made from time to time on the open market, through privately negotiated transactions, or via other legally permissible means, depending on market conditions. The company expects to utilize its existing funds to finance these repurchases. The program is set to terminate over a 12-month period, subject to various factors including market and economic conditions.
This share repurchase program underscores VNET's confidence in its future development and growth prospects. It also represents a strategic move to potentially enhance shareholder value by reducing the outstanding share count. The Board will periodically review the program and may adjust, suspend, or discontinue it as deemed appropriate.
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