SHANGHAI, Jan. 11, 2024 /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 US$700 million share repurchase program approved
in 2022 and effective from November 7,
2022 to December 31, 2023.
By the end of 2023, the Company had repurchased 14.55 million
ADSs (representing 72.75 million ordinary shares) at an average
price of $33.71 per ADS for a total
of approximately $491 million,
representing approximately 70.1% of the US$700 million maximum amount of the share
repurchase program. The number of the Company's total ordinary
shares outstanding at the end of 2023 was approximately 328.8
million after reflecting the completed share repurchases, compared
with 391.0 million at the end of 2022.
Xiang Xu, Chairman and CEO of the
Company, commented, "We are pleased to report that under our
previously announced share repurchase program, Daqo New Energy has
repurchased 14.55 million ADSs, representing 18.6% of the Company's
total shares outstanding at the end of 2022. The share repurchases
demonstrate our belief that our shares are undervalued,
particularly with regard to the Company's robust balance sheet and
liquidity position. We are optimistic about the industry's
outlook for long-term growth. In particular, during the fourth
quarter of 2023, the Company repurchased 6.45 million ADSs for
approximately $162 million, at an
average price of $25.11 per ADS.
However, in light of the industry's recent developments and
challenges, we believe that preserving sufficient capital for our
future growth while providing investors with robust, long-term and
sustainable returns is critical. Our management team and Board of
Directors closely monitor the market and industry trends and are
constantly assessing the best strategy for the Company to weather
the industry cycles and best serve the interest of our
shareholders."
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 views on its
share values, financial position and business outlook 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; the Company's ability to lower its
production costs; and changes in the regulatory environment.
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.