Qudian Inc. (QD) unveiled on Monday that its board has sanctioned a share buyback program. The program gives the authority to repurchase up to $300 million worth of its outstanding American depositary shares (ADSs) within the next three years from June 13, 2024.
Under this program, each ADS of the consumer-focused technology organization will correspond to one Class A ordinary share.
Purchases will be carried out sporadically through different methods such as open market transactions, privately negotiated transactions, block trades, or any combination of these methods, depending on prevailing market prices.
Qudian plans to finance these repurchases from its existing cash reserves and expects no adverse effect on its current business strategies as a result.
As of pre-market trading, shares of the company are being traded at $2.55, marking an increase of 2.55 percent.
