Robosense Technology Co., Ltd commences an Equity Buyback for 45,093,942 shares, representing 10% of its issued share capital, under the authorization approved on June 27, 2024.
July 08, 2024 at 07:55 am EDT
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Robosense Technology Co., Ltd (SEHK:2498) commences share repurchases on July 8, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 27, 2024. As per the mandate, the company is authorized to repurchase up to 45,093,942 shares, representing 10% of its issued share capital. The repurchases will result in an increase in the net asset value and/or earnings per share. The repurchase program will be funded out of funds legally available for the purpose in accordance with the Articles of Association, the Listing Rules, the applicable laws of the Cayman Islands and/or any other applicable laws. The repurchased shares will be automatically delisted and cancelled. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As at June 27, 2024, the company has 450,939,423 shares in issue.
On July 5, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to HKD 200 million worth of its shares. The company intends to finance the repurchases by its own financial resources (other than the proceeds raised from its global offering).
RoboSense Technology Co Ltd is a China-based investment holding company principally engaged in the development and production of light detection and ranging (LiDAR) products for applications in advanced driver assistance systems (ADAS), as well as robotics and others. The Company is also engaged in the provision of LiDAR perception solutions, combing LiDAR hardware and artificial intelligence (AI) perception software, as well as technology development and other services. The Company distributes its products within domestic market and to overseas markets.
Robosense Technology Co., Ltd commences an Equity Buyback for 45,093,942 shares, representing 10% of its issued share capital, under the authorization approved on June 27, 2024.