Daqo Flat on Share Repurchase
Daqo New Energy Corp. (NYSE: DQ) made marginal gains Tuesday, The Shanghai-based company, a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that its board of directors has approved a US$100-million share repurchase program, effective today through December 31, 2026.
The board of directors has authorized Daqo to repurchase up to US$100 million worth of its own issued and outstanding ordinary shares or American depositary shares representing ordinary shares in open-market purchases, in negotiated transactions off the market, in block trades or through other legally permissible means in accordance with applicable United States securities laws.
This morning’s news release points out the company expects to fund the repurchase primarily out of its existing cash balance. “The repurchase program does not obligate Daqo New Energy to acquire any number of ordinary shares or ADSs at any specific time. The board of directors will review the share repurchase program periodically and may authorize adjustments of its terms and size accordingly.”
Said CEO Xiang Xu, "The share repurchase program reflects our confidence in the Company's business prospects as we navigate the current industry downcycle. We remain committed to achieving sustainable growth and creating long-term value for our shareholders.”
DQ shares captured but nine cents to $24.00
