Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

ATRenew initiates $20 million share buyback program

EditorEmilio Ghigini
Published 03/12/2024, 05:07 AM
Updated 03/12/2024, 05:07 AM
© Reuters.

SHANGHAI - ATRenew Inc. (NYSE: RERE), a prominent technology-driven platform in China for pre-owned consumer electronics transactions and services, has announced a new share repurchase program. The company's board of directors has authorized the buyback of up to $20 million worth of its shares over the next twelve months.

The repurchase plan will be executed depending on market conditions and in line with applicable regulations. Transactions could occur on the open market at prevailing prices, through privately negotiated deals, block trades, or other lawful methods. ATRenew's board plans to periodically review and potentially adjust the program's terms and size. The company intends to finance the buybacks using its existing cash reserves.

Since its establishment in 2011, ATRenew has been committed to extending the life of idle consumer electronics, thereby mitigating environmental impact through recycling and trade-in services. The company operates under the ATRenew brand and is known for integrating C2B, B2B, and B2C capabilities, enhancing both online and offline services.

It has developed proprietary inspection, grading, and pricing technologies that contribute to setting the standards for the pre-owned consumer electronics sector in China. As a participant in the United Nations Global Compact, ATRenew aligns with its principles-based approach to responsible business.

The announcement includes forward-looking statements as defined under the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties that could cause actual results to differ materially. These statements are based on current plans, estimates, and projections, and readers should not place undue reliance on them.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

This news article is based on a press release statement from ATRenew Inc. and does not include any additional analysis or commentary. The company's future business development, financial condition, and operational results, as well as its ability to maintain relationships with key investors and uphold brand recognition, are subject to various factors, including general economic conditions in China and globally.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.