CooTek (Cayman) Inc. (NYSE: CTK) had something to shout about following the U.S. Thanksgiving long weekend, to which its shares perked.
The Shanghai-based global mobile internet company, announced the approval of a share repurchase program whereby CooTek is authorized to repurchase its class A ordinary shares in the form of American depository shares with an aggregate value of up to $15 million U.S. during the 12-month period starting from November 30. The Company expects to fund the repurchases under this program with its existing cash balance.
The timing and extent of any repurchases will depend on market conditions, the trading price of the Company's ADSs and other factors, subject to applicable rules and regulations. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size.
Chairman Karl Zhang said, "This share repurchase program reflects our confidence in the long-term business prospects of our company as well as our solid operating fundamentals and financial strength,"
"We will continue to focus on our strategy of building a global content delivery platform by investing in AI and big-data technologies to create long-term value for our shareholders."
CooTek, to quote company literature, "is a fast-growing global mobile internet company. The mission of CooTek is to empower everyone to express themselves and enjoy relevant content seamlessly.
"The Company's user-centric and data-driven approach has enabled it to release appealing products to capture mobile internet users' ever-evolving content needs and helps it rapidly attract targeted users."
Shares in the company popped 46 cents, or 8.2%. to $6.07.
