SHANGHAI, Jan. 29,
2024 /PRNewswire/ -- Dingdong (Cayman) Limited
("Dingdong" or the "Company") (NYSE: DDL), leading fresh
grocery e-commerce company in China, today announced that its board of
directors has authorized a share repurchase program under which the
Company may repurchase up to US$20.0 million of its shares over a period
until January 28, 2025.
The Company's proposed repurchases may be made from time to time
on the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on market conditions and in
accordance with applicable rules and regulations. After the
publication of the annual results of the Company on or before
March 31, 2024, the management may
implement the share repurchase, including but not limited to
implementing the share repurchase in accordance with plans under
the Rule 10b5-1 and/or Rule 10b-18
under the U.S. Securities Exchange Act of 1934, as amended. The
Company's board of directors will review the share repurchase
program periodically, and may authorize adjustment of its terms and
size. Given the confidence in the Company's sufficient cash
reserves and cash flow, the Company expects to fund the repurchases
out of its existing cash balance.
About Dingdong (Cayman) Limited
Dingdong (Cayman) Limited is a leading fresh grocery e-commerce
company in China, with sustainable
long-term growth. We directly provide users and households with
fresh produce, prepared food, and other food products through a
convenient and excellent shopping experience supported by an
extensive self-operated frontline fulfillment grid. Leveraging our
deep insights into consumers' evolving needs and our strong food
innovation capabilities, we have successfully launched a series of
private label products spanning a variety of food categories. Many
of our private label products are produced at our Dingdong
production plants, allowing us to more efficiently produce and
offer safe and high-quality food products. We aim to be the first
choice for fresh and food shopping.
For more information, please visit: https://ir.100.me.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes," "estimates," "confident," "potential,"
"continue," or other similar expressions. Among other things,
business outlook and quotations from management in this
announcement, as well as Dingdong's strategic and operational
plans, contain forward-looking statements. Dingdong may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its interim and
annual reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about Dingdong's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Dingdong's
goals and strategies; Dingdong's future business development,
financial conditions, and results of operations; the expected
outlook of the on-demand e-commerce market in
China; Dingdong's expectations
regarding demand for and market acceptance of its products and
services; Dingdong's expectations regarding its relationships with
its users, clients, business partners, and other stakeholders;
competition in Dingdong's industry; Dingdong's proposed use of
proceeds; and relevant government policies and regulations relating
to Dingdong's industry, and general economic and business
conditions globally and in China
and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks is included in
the Company's filings with the Securities and Exchange Commission.
All information provided in this announcement and in the
attachments is as of the date of the announcement, and the Company
undertakes no duty to update such information, except as required
under applicable law.
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SOURCE Dingdong (Cayman) Limited