CHENGDU,
China, July 8, 2024 /PRNewswire/ --
Wetouch Technologies Inc. (NASDAQ: WETH) ("Wetouch" or the
"Company"), a leading innovator in the global touch display
industry, today announced a stock buyback program to repurchase up
to $15 million of the Company's common
stock.
Under the program, the Company is authorized to repurchase
its shares from time to time in the open market or in privately
negotiated transactions. The timing and amount of any repurchases
will depend on a variety of factors, including price, trading
volume, general market conditions, and other corporate
considerations. The repurchase program does not obligate the
Company to repurchase any specific number of shares and may be
suspended, modified, or discontinued at any time without prior
notice.
"We are pleased to announce this stock buyback program,
which reflects our confidence in the strong and growing business of
Wetouch," said Zongyi Lian, CEO of
Wetouch Technologies Inc. "With over $90
million in cash and nearly $8 per share in cash, however
the market
capitalization is less than $30 million, we believe our stock is
significantly undervalued. This buyback program represents an
attractive opportunity to return value to our
shareholders."
About WeTouch Technology Inc.
Wetouch Technology Inc. is at the forefront of providing
premium touch display solutions, dedicated to reshaping
human-machine interaction across diverse industries. With a
relentless focus on innovation and customer satisfaction, Wetouch
consistently delivers cutting-edge technology and unparalleled
performance in touch display solutions globally.
For additional information, please visit: WeTouch
Technology
Inc.at http://en.usa-wetouch.com/
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934 and as defined in 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", "target",
"going forward", "outlook," "objective" and similar terms. 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 which are beyond
Wetouch's control, which may cause Wetouch's actual results,
performance or achievements (including the RMB/USD value of
its anticipated benefit to Wetouch as described herein) to differ
materially and in an adverse manner from anticipated results
contained or implied in the forward-looking statements. Further
information regarding these and other risks, uncertainties or
factors is included in Wetouch's filings with the U.S. Securities
and Exchange Commission, which are available
at www.sec.gov. Wetouch does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under law.
For more information, please contact:
Horizon Research
Management Consultancy
Michael Wei,
Email: hwey@horizonconsultancy.co
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SOURCE Wetouch Technology Inc.