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.
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.