SHANGHAI, Aug. 11,
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 the Company's board of directors has approved its
2022 share incentive plan in order to attract and retain the best
available talents and provide
additional incentives to its key employees, directors and
officers.
The aggregate number of shares issuable under the 2022 share
incentive plan is 37,253,465 ordinary shares, which represents
approximately 10% of the Company's total outstanding ordinary
shares. The Company granted 37,253,465 restricted share units
("RSUs") to its key employees, directors and officers on
August 10, 2022. Each of the Company's American Depositary Shares
("ADSs") represents five ordinary shares. Based on the
closing price of $70.71 per ADS of the Company on August 10, 2022, the Company expects to recognize
approximately $263.4 million of
non-cash share-based compensation expenses in the third quarter of
2022, and approximately $7.3 million
of non-cash share-based compensation expenses in each of the months
commencing from October 2022 to
September 2025.
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.
For more information, please visit www.dqsolar.com
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. The Company may
make written or oral forward-looking statements in its reports
filed 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. Among other
things, the Company's expected share-based compensation expenses
contain forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties, all of which are
difficult or impossible to predict accurately and many of which are
beyond the Company's control. 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
duration of COVID-19 outbreaks in China and many other countries and the impact
of the outbreaks and the quarantines and travel restrictions
instituted by relevant governments on economic and market
conditions, including potentially weaker global demand for solar PV
installations that could adversely affect the Company's business
and financial performance. Further information regarding these and
other risks is included in the reports or documents the Company has
filed with, or furnished to, the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
View original
content:https://www.prnewswire.com/news-releases/daqo-new-energy-adopts-2022-share-incentive-plan-and-grants-rsus-to-its-key-employees-directors-and-officers-301604233.html
SOURCE Daqo New Energy Corp.