SHANGHAI, July 22,
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
announced that its board of directors has approved a US$100 million share repurchase program,
effective today through June 30,
2025.
The board of directors has authorized Daqo New Energy to
repurchase up to US$100 million worth
of its own issued and outstanding ordinary shares or American
depositary shares ("ADSs") representing ordinary shares in
open-market purchases, in negotiated transactions off the market,
in block trades or through other legally permissible means in
accordance with applicable United
States securities laws.
The Company expects to fund the repurchase program primarily out
of its potentially available cash, as well as its existing
cash balance. The repurchase program does not obligate Daqo
New Energy to acquire any particular number of ordinary shares or
ADSs at any specific time. The board of directors will review the
share repurchase program periodically and may authorize adjustment
of its terms and size accordingly.
Mr. Xiang Xu, Chairman and Chief
Executive Officer of the Company, commented, "The share repurchase
program underscores our confidence in the Company's business
development as we weather through the industry downcycle.
We remain fully committed to delivering sustainable growth
while creating value for our shareholders. Nevertheless, the timing
of repurchase, number of shares repurchased and prices paid will
depend upon the Company's operations 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. The Company may also make written or oral
forward-looking statements in its reports filed with 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 political and 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.