China Automotive Systems Announces Share Repurchase
WUHAN, China, April 11, 2022 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that its board of directors approved a share repurchase program of up to $5 million of its outstanding common shares periodically over the next 12 months. Repurchases will be made in open market transactions, at prevailing market prices not to exceed $4.00 per share through March 30, 2023, subject to applicable laws, regulations and approvals. The timing of the share repurchases will depend on a variety of factors, including market conditions. Members of the management team may make additional share purchases in addition to the Company repurchase.
- WUHAN, China, April 11, 2022 /PRNewswire/ --China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that its board of directors approved a share repurchase program of up to $5 million of its outstanding common shares periodically over the next 12 months.
- Members of the management team may make additional share purchases in addition to the Company repurchase.
- The share repurchase commits our strong financial position to support shareholder value."
- Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through ten Sino-foreign joint ventures.