Smart Share Global Limited Announces Extension of Share Repurchase Program and Changes to Management Team
SHANGHAI, China, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Smart Share Global Limited (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced the extension of its share repurchase program and changes to management team.
EXTENSION OF SHARE REPURCHASE PROGRAM
The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The Company has no obligation to repurchase shares, and the Board will review the Share Repurchase Program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to fund the repurchases under the Share Repurchase Program with its existing cash balance.
CHANGES TO MANAGEMENT TEAM
“On behalf of the Board and the Energy Monster family, I would like to thank Xiaowei for his years of dedication and contribution to the Company, and we would all like to wish him the very best in his future endeavors,” said Mars Guangyuan Cai, Chairman and Chief Executive Officer. “At the same time, we are pleased to announce that Peifeng has been appointed to the President of the Company and will additionally lead the research and development effort for our mobile device charging business. We believe Peifeng’s operational expertise in conjunction with his clear understanding of market needs will allow Energy Monster to deliver hardware and software solutions tailored to the needs of our users and partners, which will further drive improvements to our efficiency and competitiveness.”
“We are excited to announce the extension of our share repurchase program,” said Maria Yi Xin, Chief Financial Officer. “We remain positive on the outlook of the Company especially given the recovery in our growth and profitability this year. The extension of the share repurchase program reiterates our confidence in the outlook of Energy Monster, as we remain committed to delivering value for our stakeholders.”
About Smart Share Global Limited
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