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KUALA LUMPUR, June 30 (Bernama) -- Adagene Inc (Adagene) a company transforming the discovery and development of novel antibody-based therapies, announced that its board of directors has authorised a share repurchase programme.
Under the programme, Adagene may repurchase up to US$10 million of its ordinary shares in the form of American depositary shares, subject to the relevant rules under the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Company’s insider trading policy (such repurchase programme, the 2022 Share Repurchase Program). (US$1 = RM4.402)
The Company’s share repurchases, if any, under the 2022 Share Repurchase Program may be made from time to time on the open market at prevailing market prices, in open-market transactions, privately negotiated transactions or block trades, and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations.
The Company’s board of directors will review the 2022 Share Repurchase Program periodically and may authorise adjustments to its terms and size or suspend or discontinue the programme. The Company expects to utilise its existing funds to fund repurchases made under this programme.
According to a statement, the Company has disclosed certain details of the repurchases made in accordance with the prior share repurchase programme in its annual report for the year ended Dec 31, 2021 filed with the SEC.
The 2022 Share Repurchase Program will be effective upon and from the date on which a formal stock repurchase plan engagement agreement is signed with a qualified broker-dealer(s), and terminates over a 12-month period depending upon market and economic conditions, and other factors including price, legal and regulatory requirements and capital availability.
The 2022 Share Repurchase Program does not obligate Adagene to acquire any particular number of American depositary shares, and the 2022 Share Repurchase Program may be modified or suspended at any time based on the management's discretion.
More details at https://investor.adagene.com.
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