Tuya Inc. commences an Equity Buyback Plan for 57,579,339 shares, representing 10% of its issued share capital, under the authorization approved on June 20, 2023.
August 27, 2023 at 06:55 am
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Tuya Inc. (NYSE:TUYA) commences share repurchases on August 25, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 20, 2023. As per the mandate, the company is authorized to repurchase up to 57,579,339 shares, representing 10% of its issued share capital. The purpose of repurchase program is to enhance the net assets and/or its earnings per share. The repurchases will be made out of the funds legally available for such purpose in accordance with its company?s ordinance. 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 carried out to the full extent, unless varied or revoked in a General Meeting. As of June 20, 2023, the company had 505,393,393 shares, comprising 70,400,000 class A ordinary shares and 79,400,000 class B ordinary shares in outstanding.
On June 29, 2023, the company announced a share repurchase program. Under the program, the company will repurchase $50 million worth of shares. The repurchases will end on end on the date on which a new general repurchase mandate is granted by the shareholders to the Board on the Company?s next annual general meeting which is due to be held by June 30, 2024.
Tuya Inc is a China-based holding company principally engaged in the provision of Internet of Things (IoT) cloud development platforms and services. The Company offers a variety of services through its IoT cloud development platform, including IoT Platform-as-a-Service (PaaS), Industry Software-as-a-Service (SaaS), cloud-based value-added services and others. Its platform allows customers to access a common infrastructure and all the ready-to-use software, development tools and services needed to develop and manage smart devices. Its products are mainly used in smart home, smart business, healthcare, education, agriculture, outdoor sports and entertainment.
Tuya Inc. commences an Equity Buyback Plan for 57,579,339 shares, representing 10% of its issued share capital, under the authorization approved on June 20, 2023.