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Daqo (DQ) Issues Update on $700M Share Repurchase Program
DQDaqo New Energy(DQ) Zacks Investment Research·2024-01-12 20:02

Daqo New Energy Corp. (DQ) issued an update on its 700millionsharerepurchaseprogram,whichwasauthorizedin2022andranfromNov7,2022,toDec31,2023.Asoftheconclusionof2023,thecompanyrepurchased14.55millionAmericanDepositaryShares(ADSs)—equivalentto72.75millionordinaryshares—atanaveragepriceof700 million share repurchase program, which was authorized in 2022 and ran from Nov 7, 2022, to Dec 31, 2023.As of the conclusion of 2023, the company repurchased 14.55 million American Depositary Shares (ADSs) — equivalent to 72.75 million ordinary shares — at an average price of 33.71 per ADS, totaling around $491 million. This accounts for nearly 70.1% of the maximum amount allocated for the share repurchase initiative. The total ordinary shares outsta ...