Xunlei Announces $20 million Share Buyback Program
31 Março 2022 - 9:00AM
Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a
leading innovator of shared cloud computing and blockchain
technology in China, today announced that the Board of Directors of
the Company has approved a plan under which the Company may
repurchase up to US$20 million of its shares over the next 12
months. The board will review the share repurchase program
periodically and adjust its size and terms as necessary.
Under the proposed
plan, repurchases may be made from time to time on the open market
at the prevailing market prices and via a trading algorithm, in
privately negotiated transactions, in block trades and/or through
other legally permissible means, depending on market conditions and
in accordance with applicable rules and regulations. The shares to
be repurchased can be both its ADSs and common shares. The
repurchase plan will be funded from the Company’s cash balance. As
of December 31, 2021, the Company had cash, cash equivalent and
short-term investments of approximately US$239 million, and the
balance of bank borrowings was about US$20.2 million which is used
to finance the construction of the Company’s research and
development and headquarters building.
Mr. Jinbo Li, chairman
and the chief executive officer of Xunlei, stated, “The new buyback
program reflects the Board of Director’s continuing confidence in
the Company’s financial strengths and operating outlook. We
reviewed the Company’s current financial conditions, projected
capital expending and operating budget for 2022 and believe it is
prudent to initiate this share buyback program while preserving
sufficient capital to pursue further business growth.”
About
Xunlei
Founded in
2003, Xunlei Limited (NASDAQ: XNET) is a leading
innovator in shared cloud computing and blockchain technology
in China. Xunlei provides a wide range of products
and services across cloud acceleration, shared cloud computing,
blockchain and digital entertainment to deliver an efficient, smart
and safe internet experience.
Safe Harbor
Statement
This press release
contains statements of a forward-looking nature. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the management's quotations, the "Outlook" and "Guidance" sections
in this press release, as well as the Company's strategic,
operational and acquisition plans, contain forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company and the industry. Forward-looking statements involve
inherent risks and uncertainties, including but not limited to: the
Company's ability to continue to innovate and provide attractive
products and services to retain and grow its user base; the
Company's ability to keep up with technological developments and
users' changing demands in the internet industry; the Company's
ability to convert its users into subscribers of its premium
services; the Company's ability to deal with existing and potential
copyright infringement claims and other related claims; the risk
that COVID-19 or other health risks in China or globally could
adversely affect the Company's operations or financial results; the
Company’s ability to react to the governmental actions for its
scrutiny of internet content in China and the Company's ability to
compete effectively. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date of the press release, and the Company undertakes
no obligation to update any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law.
CONTACT:Investor
RelationsXunlei LimitedEmail: ir@xunlei.comTel: +86 755 8633
8443
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