Smart Share Global Limited Announces Extension of Share Repurchase Program and Changes to Management Team
18 September 2023 - 10:00PM
Smart Share Global Limited (“Energy Monster” or the “Company”), a
consumer tech company providing mobile device charging service,
today announced the extension of its share repurchase program and
changes to management team.
EXTENSION OF SHARE REPURCHASE
PROGRAM The Company’s board of directors (the “Board”)
authorized a further 12-month extension to its existing share
repurchase program (the “Share Repurchase Program”) through
September 27, 2024. The Share Repurchase Program was originally
approved by the Board on September 28, 2021, under which the
Company may repurchase up to US$50.0 million of its shares
(including in the form of ADSs) through September 27, 2022. On
September 28, 2022, the Company announced that the Share Repurchase
Program was extended through September 27, 2023 as authorized by
the Board. As of September 15, 2023, the Company had cumulatively
repurchased approximately US$5.7 million of its shares (including
in the form of ADSs) under the Share Repurchase Program.
The Company’s proposed repurchases may be made
from time to time through open market transactions at prevailing
market prices, in privately negotiated transactions, in block
trades and/or through other legally permissible means, depending on
the market conditions and in accordance with applicable rules and
regulations. The Company has no obligation to repurchase shares,
and the Board will review the Share Repurchase Program periodically
and may authorize adjustment of its terms and size or suspend or
discontinue the program. The Company expects to fund the
repurchases under the Share Repurchase Program with its existing
cash balance.
CHANGES TO MANAGEMENT TEAM The
Company announces that its Chief Technology Officer, Mr. Xiaowei
Li, has tendered his resignation from the Company due to personal
reasons. The resignation will be effective on October 31, 2023. The
Board has approved the Company’s nomination of Mr. Peifeng Xu to
the role of the President of the Company, in addition to his role
as a Director of the Company. The appointment will be effective on
September 18, 2023. Following the appointment, Mr. Xu will be in
charge of the operation and the research and development of the
Company’s mobile device charging business and will continue to
report to Mr. Mars Guangyuan Cai, Chairman of the Board and Chief
Executive Officer of the Company.
“On behalf of the Board and the Energy Monster
family, I would like to thank Xiaowei for his years of dedication
and contribution to the Company, and we would all like to wish him
the very best in his future endeavors,” said Mars Guangyuan Cai,
Chairman and Chief Executive Officer. “At the same time, we are
pleased to announce that Peifeng has been appointed to the
President of the Company and will additionally lead the research
and development effort for our mobile device charging business. We
believe Peifeng’s operational expertise in conjunction with his
clear understanding of market needs will allow Energy Monster to
deliver hardware and software solutions tailored to the needs of
our users and partners, which will further drive improvements to
our efficiency and competitiveness.”
“We are excited to announce the extension of our
share repurchase program,” said Maria Yi Xin, Chief Financial
Officer. “We remain positive on the outlook of the Company
especially given the recovery in our growth and profitability this
year. The extension of the share repurchase program reiterates our
confidence in the outlook of Energy Monster, as we remain committed
to delivering value for our stakeholders.”
About Smart Share Global Limited Smart Share
Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech
company with the mission to energize everyday life. The Company is
the largest provider of mobile device charging service in China
with the number one market share. The Company provides mobile
device charging service through its power banks, which are placed
in POIs such as entertainment venues, restaurants, shopping
centers, hotels, transportation hubs and public spaces. Users may
access the service by scanning the QR codes on Energy Monster’s
cabinets to release the power banks. As of June 30, 2023, the
Company had 8.0 million power banks in 1,109,000 POIs across more
than 1,900 counties and county-level districts in China.
Contact Us Investor Relations Hansen Shi
ir@enmonster.com
Safe Harbor Statement This press release
contains forward-looking statements. These statements are made
under the “safe harbor” provisions of the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, forward-looking
statements can be identified by words or phrases such as “may,”
“will,” “expect,” “anticipate,” “target,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “potential,” “continue,” “is/are
likely to,” or other similar expressions. Among other things, the
share repurchase program, as well as the Company’s strategic and
operational plans, contain forward-looking statements. The Company
may also make written or oral forward-looking statements in its
reports filed with, or furnished to, the U.S. Securities and
Exchange Commission (“SEC”), in its annual reports to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: Energy Monster’s strategies; its future business
development, financial condition and results of operations; the
impact of technological advancements on the pricing of and demand
for its services; competition in the mobile device charging service
industry; Chinese governmental policies and regulations affecting
the mobile device charging service industry; changes in its
revenues, costs or expenditures; the risk that COVID-19 or other
health risks in China or globally could adversely affect its
operations or financial results; general economic and business
conditions globally and in China and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks, uncertainties or factors is included in the
Company’s filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any duty to update such information,
except as required under applicable law.
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