The company has decided to extend its share repurchase initiative, which initially began in April 2021, by an additional year. This move allows for further repurchase activities that could continue until April 30, 2026.
During the period from April 1, 2024, to April 24, 2024, the company repurchased American Depositary Shares (ADSs), with every three units equal to one Class A common share, spending approximately $13.1 million. This extension provides the company the ability to acquire up to roughly $490.7 million in common shares, underlining its commitment to enhancing shareholder value through strategic buybacks.
