iClick Interactive Asia Group Limited, a leading enterprise and marketing cloud platform in China that empowers worldwide brands with full-stack consumer lifecycle solutions, today announced its board of directors has approved to upsize the share repurchase program announced on December 10, 2020 by US$10 million from US$15 million to US$25 million. As a result, the company may purchase its own ADSs with an aggregate value of up to US$25 million from December 30, 2020 to December 31, 2021.
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“The upsize of the share repurchase program demonstrates our continued confidence in our long-term business growth and successful transformation towards an Integrated Enterprise and Marketing Cloud Platform. We are committed to creating shareholder value, and believe that our business strategy and execution ability will continue to drive the long-term growth of the firm,” said Jian “T.J.” Tang, Chairman, Chief Executive Officer and Co-Founder of iClick.
iClick expects to fund the repurchase from its cash balance.
The Company expects to effect the proposed share repurchase on the open market at prevailing market prices, in negotiated transactions off the market, and/or in other legally permissible means from time to time as market conditions warrant in compliance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, at times and in such amounts as the Company deems appropriate.
The share repurchase program does not obligate the Company to acquire any particular number of ADSs and may be suspended, terminated or extended at any time at the Company’s discretion without prior notice.
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