MEMSensing Microsystems (Suzhou, China) Co., Ltd. announces an Equity Buyback for CNY 25 million worth of its shares.
February 06, 2024
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MEMSensing Microsystems (Suzhou, China) Co., Ltd. (SHSE:688286) announces a share repurchase program. Under the program, the company will repurchase its own shares for a total of CNY 25 million. The shares will be purchased at a price not exceeding CNY 82.8 per share.
The purpose of the program is to protect the rights and interests of all shareholders of the company, enhance investor confidence, and promote the company's long-term, healthy and sustainable development. The repurchased shares will be used for the implementation of ESOP or equity incentive plan and will be transferred within three years after the implementation results of the share repurchase and the announcement of share changes. If the company fails to transfer the repurchased shares within three years after the announcement of the results of the share repurchase and share changes, the repurchased shares that have not yet been transferred will be cancelled.
The program will be funded from company's own funds. The program will be valid for 12 months.
Memsensing Microsystems Suzhou China Co Ltd is a China-based company mainly engaged in the design, research, development and sales of semiconductor chips. The Company's main product lines include micro-electro-mechanical system (MEMS) microphones, MEMS pressure sensors and MEMS inertial sensors. Its products are mainly used in consumer electronics products such as smart phones, tablet computers, notebook computers, wearable devices and smart homes. The Company mainly conducts its businesses in the China market.