In a press release issued today, ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, announced that its board of directors has authorised an extension of the Company’s existing share repurchase programme for another twelve months beginning December 28, 2022, with all other terms remaining unchanged.

On December 28, 2021, the Company’s board of directors approved the current share repurchase programme, under which the Company may repurchase up to US$100 million of its shares during a twelve-month period beginning on December 28, 2021. On December 9, 2022, the company spent US$33 million to repurchase its own shares. This means that until the extended share repurchase programme ends, the Company can repurchase up to US$67 million more of its shares.

The Company may, from time to time, make the proposed repurchases in the open market at prevailing market prices, in privately negotiated transactions, in block trades, and/or by any other lawful means. There will be periodic reviews of the extended share repurchase programme by the Company’s board of directors, who may approve changes to the program’s terms and magnitude. The repurchases will be paid for with the company’s existing cash on hand.

Source: Prnewswire