SHANGHAI, June 1, 2022
/PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New
Energy," the "Company" or "we"), a leading manufacturer of
high-purity polysilicon for the global solar PV industry, today
announced that its board of directors has approved a US$120 million share repurchase program,
effective for one year from June 1,
2022 to May 31, 2023.
The board of directors has authorized Daqo New Energy to
repurchase up to US$120 million worth
of its own issued and outstanding ordinary shares or American
depositary shares representing ordinary shares on the open market,
in negotiated transactions off the market, in block trades or
through other legally permissible means in accordance with
applicable United States
The repurchase program does not obligate Daqo New Energy to
acquire any particular number of ordinary shares or ADSs at any
specific time. The board of directors will review the share
repurchase program periodically and may authorize adjustment of its
terms and size accordingly.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2007, the Company manufactures and
sells high-purity polysilicon to photovoltaic product manufactures,
who further process the polysilicon into ingots, wafers, cells and
modules for solar power solutions. The Company has a total
polysilicon nameplate capacity of 105,000 metric tons and is one of
the world's lowest cost producers of high-purity polysilicon.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
Daqo New Energy's share repurchase plans contain forward-looking
statements. Such statements are based upon management's current
expectations and current market and operating conditions and relate
to events that involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company's control. The Company may also make
written or oral forward-looking statements in its reports filed
with or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the demand for photovoltaic products and
the development of photovoltaic technologies; global supply and
demand for polysilicon; alternative technologies in cell
manufacturing; the Company's ability to significantly expand its
polysilicon production capacity and output; the reduction in or
elimination of government subsidies and economic incentives for
solar energy applications; the Company's ability to lower its
production costs; changes in the political and regulatory
environment; and the impact of COVID-19 outbreaks and any other new
pandemic in China and other
countries, and the corresponding measures instituted by relevant
governments, on economic and market conditions. Further information
regarding these and other risks is included in the reports or
documents the Company has filed with, or furnished to, the
Securities and Exchange Commission. Daqo New Energy does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law. All information provided
in this press release is as of the date of this press release, and
Daqo New Energy undertakes no duty to update such information,
except as required under applicable law.
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
In the U.S.
Ms. Linda Bergkamp
SOURCE Daqo New Energy Corp.