Atlanta, GA -- September 3, 2024 --
InvestorsHub NewsWire -- UC Asset LP (OTCQB:
UCASU) announces today that the company's management team
intends to buy back its shares on the open market. The plan is
included in its Form 1-U filed to SEC last Friday.
According to its Form 1-U, some
members of UC Asset's general partner will purchase shares of the
company on the open market in the rest of the year 2024, and may
continue doing so in the year 2025.
In the same Form 1-U, it is also
announced that the company has cancelled its stock repurchase
program, which was first announced in January 2024.
"Company buyback is subject to certain
laws and regulations such as Rule 10b-18 ("Safe Harbor" for Issuer
Repurchases) of the Security Act. It limits the price of buyback to
not higher than the highest independent bid or the last independent
transaction price. Also, it limits the total volume of buyback on
any single day to no more than 25% of the average daily trading
volume," explains Larry Wu, founder of UC Asset. "Since the average
daily trading volume of our shares is close to zero in the past
months, it is practically impossible for the company to effect any
stock buybacks following this specific rule."
"Besides, there are certain articles
in our bylaw that can be interpreted as prohibiting stock buyback,
so an effective buyback program requires material amendments to our
bylaw," says Wu. "After months of discussion with shareholders who
collectively hold a majority of voting rights in our company, we
have concluded that we cannot secure majority vote to make these
amendments. For the reasons above, the company has decided to
cancel its share repurchase program."
Meanwhile, Wu asserts that he believes
a management buyback will not be subject to the same regulations,
and will not be prohibited by the company's bylaw.
The amount, price and time of such
management buyback will be at the sole discretion of the purchasing
general partner member. All purchases will be disclosed on Form 4
in a timely manner.
About UC Asset
LP
UC
Asset LP is a limited partnership formed for the purpose of
investing in real estate with innovative
strategies. For more information about
UC Asset, please visit: www.ucasset.com
Disclaimer:
This
News Release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause our
actual results, performance or achievements, or industry results,
to differ materially from any these statements. You are cautioned
not to place undue reliance on any those forward-looking
statements. Except as otherwise required by the federal securities
laws, we undertake no obligation to publicly update or revise any
forward-looking statements after the date of this news release.
None of such forward-looking statements should be regarded as a
representation by us or any other person that the objectives and
plans set forth in this News Release will be achieved or be
executed.
For More Information
Contact: IR@UCasset.com
