- The stock price of Viomi Technology Co Ltd (NASDAQ: VIOT) increased by over 14% during intraday trading today. This is why it happened.
The stock price of Viomi Technology Co Ltd (NASDAQ: VIOT) – a leading IoT @ Home technology company in China – increased by over 14% during intraday trading today. Investors are responding positively to Viomi Technology announcing that the company’s board of directors approved a share repurchase program. 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.
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. And the company expects to fund the repurchase out of its existing cash balance.
KEY QUOTE:
“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.”
— Xiaoping Chen, Founder, Chairman of the Board of Directors and Chief Executive Officer of Viomi
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
