SHANGHAI, Sept. 5,
2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ)
("Daqo New Energy", the "Company" or "we"), a leading manufacturer
of high-purity polysilicon for the global solar PV industry, today
provided an update on its USD$700
million share repurchase program that was announced on
November 7, 2022.
As of today, approximately 43.1% of the authorized repurchase
amount under the program has been executed through repurchases by
an intermediary in the open market at prevailing prices or in
privately negotiated transactions. The Company has repurchased 7.28
million ADSs for approximately $301.7
million under the current program, at an average cost of
$41.42 per ADS.
Xiang Xu, Chairman and CEO of the
Company, commented, "In the month of August, we accelerated our
pace, repurchasing 3.11 million ADSs for approximately $112.9 million, at an average cost of
$36.22 per ADS. We believe that our
shares are undervalued despite our solid performance and our
industry's promising outlook. As a result, we expect to continue to
buy back ADSs when they are trading below our expectations. The
Company's balance sheet and liquidity positions are robust. At the
end of the second quarter, the Company had a cash balance of
$3.2 billion and a combined cash and
bank note receivable balance of $4.0
billion. In the first half of 2023, the Company had an
operating cash inflow of $786
million. Hence, the upper limit of our share repurchase
program remains unchanged at $700
million, and we are committed to executing the program
through the remainder of 2023. The timing of repurchase, number of
shares repurchased and prices paid will depend upon the Company's
business developments and market conditions, as well as corporate
governance and regulatory restrictions, including any blackout
period requirements."
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2007, the Company manufactures and
sells high-purity polysilicon to photovoltaic product manufactures,
who further process the polysilicon into ingots, wafers, cells and
modules for solar power solutions. The Company has a total
polysilicon nameplate capacity of 205,000 metric tons and is one of
the world's lowest cost producers of high-purity polysilicon.
For more information, please visit www.dqsolar.com.
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," "future," "intends," "plans,"
"believes," "estimates," "might," "guidance" and similar
statements. Among other things, Daqo New Energy's share repurchase
plan and the industry's outlook contain forward-looking statements.
The Company may also make written or oral forward-looking
statements in its reports filed or furnished to the U.S. Securities
and Exchange Commission, in its 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 statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control. 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: the demand for photovoltaic
products and the development of photovoltaic technologies; global
supply and demand for polysilicon; alternative technologies in cell
manufacturing; the Company's ability to significantly expand its
polysilicon production capacity and output; the reduction in or
elimination of government subsidies and economic incentives for
solar energy applications; and the Company's ability to lower its
production costs. Further information regarding these and other
risks is included in the reports or documents that the Company has
filed with, or furnished to, the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
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SOURCE Daqo New Energy Corp.