EHang Holdings Limited (NASDAQ: EH) shares grew sharply. EHang, the world’s leading advanced air mobility technology platform company, today announced that the Company’s Board of Directors has approved a Share Repurchase Program, pursuant to which the Company may repurchase up to US$30 million of its American Depositary Shares or ordinary shares over the next 12 months.
CEO Huazhi Hu commented, “This Share Repurchase Program underscores our confidence in EHang’s long-term growth potential as well as our capability in continuously delivering value to our shareholders. Looking ahead, we remain focused on advancing our leadership in providing safe, pilotless, and sustainable eVTOL solutions in the Advanced Air Mobility sector, while maintaining a disciplined approach to capital allocation to ensure sustainable growth and profitability.”
The timing and amount of any share repurchases under the Share Repurchase Program will be determined by the Company’s management at its discretion based on ongoing assessments of price, trading volume and general market conditions, along with the company’s working capital requirements, general business conditions and other factors. The company expects to fund repurchases made under this program mainly from its existing cash balance.
EH shares acquired 59 cents, or 7.5%, to $8.49.
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