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Smart Share Global Limited ("Energy Monster" or the "Company"), a consumer tech company providing mobile device charging service, today announced the extension of its share repurchase program and changes to management team.
EXTENSION OF SHARE REPURCHASE PROGRAM
The Company's board of directors (the "Board") authorized a further 12-month extension to its existing share repurchase program (the "Share Repurchase Program") through September 27, 2024. The Share Repurchase Program was originally approved by the Board on September 28, 2021, under which the Company may repurchase up to US$50.0 million of its shares (including in the form of ADSs) through September 27, 2022. On September 28, 2022, the Company announced that the Share Repurchase Program was extended through September 27, 2023 as authorized by the Board. As of September 15, 2023, the Company had cumulatively repurchased approximately US$5.7 million of its shares (including in the form of ADSs) under the Share Repurchase Program.
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The Company has no obligation to repurchase shares, and the Board will review the Share Repurchase Program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to fund the repurchases under the Share Repurchase Program with its existing cash balance.
CHANGES TO MANAGEMENT TEAM
The Company announces that its Chief Technology Officer, Mr. Xiaowei Li, has tendered his resignation from the Company due to personal reasons. The resignation will be effective on October 31, 2023. The Board has approved the Company's nomination of Mr. Peifeng Xu to the role of the President of the Company, in addition to his role as a Director of the Company. The appointment will be effective on September 18, 2023. Following the appointment, Mr. Xu will be in charge of the operation and the research and development of the Company's mobile device charging business and will continue to report to Mr. Mars Guangyuan Cai, Chairman of the Board and Chief Executive Officer of the Company.
"On behalf of the Board and the Energy Monster family, I would like to thank Xiaowei for his years of dedication and contribution to the Company, and we would all like to wish him the very best in his future endeavors," said Mars Guangyuan Cai, Chairman and Chief Executive Officer. "At the same time, we are pleased to announce that Peifeng has been appointed to the President of the Company and will additionally lead the research and development effort for our mobile device charging business. We believe Peifeng's operational expertise in conjunction with his clear understanding of market needs will allow Energy Monster to deliver hardware and software solutions tailored to the needs of our users and partners, which will further drive improvements to our efficiency and competitiveness."
"We are excited to announce the extension of our share repurchase program," said Maria Yi Xin, Chief Financial Officer. "We remain positive on the outlook of the Company especially given the recovery in our growth and profitability this year. The extension of the share repurchase program reiterates our confidence in the outlook of Energy Monster, as we remain committed to delivering value for our stakeholders."
Posted In: EM
