UCLOUDLINK GROUP INC. (NASDAQ: UCL) began the week down slightly. The world’s first and leading mobile data traffic sharing marketplace, today announced its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$2,000,000 of its Class A ordinary shares until the close of business on December 31, 2027, U.S. Eastern Time.
The Company’s proposed repurchases may be made from time to time in the open market at prevailing market prices, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.
The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements.
The Company’s board of directors may review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases out of its existing cash balance.
UCLOUDLINK is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry.
The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators.
UCL shares lost a penny, or 2%, to 72 cents.
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