HONG KONG, April 18, 2023 /PRNewswire/ -- NASDAQ-listed, AGBA Group Holding Limited ("AGBA"), the leading one- stop financial supermarket in Hong Kong, today announced that its Board of Directors approved a share repurchase program with authorization to purchase up to 1,000,000 ordinary shares of AGBA with a maximum of $10,000,000 to be expended. The share repurchase program reflects AGBA's commitment to returning value to its shareholders, while maintaining the financial flexibility to invest in growth opportunities. The program also reflects the company's confidence in its future prospects.
Wing-Fai Ng, Group President, AGBA Group Holding Limited said, "Creating and defending shareholder value is a core focus of AGBA. Our scale, combined with the strength of our business and the significant opportunities arising from China's reopening, enables us to continue investing for the long term, while also opportunistically buying back stock through a repurchase program. This program is a direct reflection of our belief that our shares are significantly undervalued, and a demonstration of our confidence in the business and the long-term opportunity ahead."
AGBA may repurchase shares from time to time through open market purchases in accordance with applicable securities laws and regulations. Open market repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended Exchange Act.
The manner, timing and amount of any shares repurchases will be determined by AGBA's management in its discretion based on its evaluation of various factors, including the trading price of the ordinary shares, market and economic conditions, regulatory requirements and other corporate considerations.
This authorization expires on April 18, 2024, and may be suspended or discontinued at any time and does not obligate the company to acquire any amount of ordinary shares.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.
About AGBA Group:
Established in 1993, AGBA Group Holding Limited (NASDAQ: "AGBA") is a leading one-stop financial supermarket based in Hong Kong offering the broadest set of financial services and healthcare products in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business.
For more information about AGBA, please visit www.agba.com
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