Summary by Moomoo AI
Santech Holdings announced on August 26, 2024, that its board of directors has authorized a new share repurchase program of up to $5 million worth of its outstanding American Depositary Shares (ADSs) over the next 12 months. Each ADS represents two ordinary shares, with the program commencing from August 26, 2024.The repurchases may be executed through open market transactions, privately negotiated deals, block trades, or other legal means at prevailing market prices. The program will comply with Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act, as well as the Company's insider trading policy. The Company plans to fund the repurchases from its existing cash balance.Santech, a consumer-focused technology company listed on NASDAQ, has recently exited its historical financial services businesses and is exploring new opportunities in technology sectors including new retail, social e-commerce, and metaverse.
