NANPING, China, Feb. 22,
2024 /PRNewswire/ -- Golden Heaven Group Holdings
Ltd. (the "Company" or "Golden
Heaven") (Nasdaq: GDHG), an amusement park operator in
China, announced today that on
February 21, 2024, the Company's
Board of Directors (the "Board") has authorized a share repurchase
program authorizing the Company to repurchase up to US$6,000,000 of the Company's outstanding Class A
ordinary shares from time to time during a 24-month period (the
"Share Repurchase Program"). The Share Repurchase Program will be
facilitated by Dawson James Securities, Inc.
The Board has determined that the Share Repurchase Program is in
the best interest of the Company's shareholders based on its
analysis and estimation that the current share price is
significantly lower than the intrinsic value and that the Share
Repurchase Program may improve shareholders' confidence in the
Company. The Board will be periodically reviewing the Share
Repurchase Program and may authorize adjustments of its terms and
size.
In determining the amount of capital to allocate to share
repurchases, the Company takes into account, among other things,
its historical and expected business performance, cash and
liquidity position, as well as global economic and market
conditions and the market price of the Company's Class A ordinary
shares. The timing, manner, price, and amount of any repurchases
under the Share Repurchase Program are determined by the Company in
its discretion. Purchases may be affected through open market
transactions, privately negotiated transactions, transactions
structured through investment banking institutions, or other means.
The Company is not obligated to repurchase any specific number of
Class A ordinary shares and the program may be modified, suspended,
or discontinued at any time.
The Company intends to make all repurchases in compliance with
applicable regulatory guidelines and to administer the plan in
accordance with applicable laws.
About Golden Heaven Group Holdings Ltd.
Golden Heaven Group Holdings Ltd. manages and operates six
properties consisting of amusement parks, water parks, and
complementary recreational facilities. With approximately 426,560
square meters of land in the aggregate, these parks are located in
geographically diverse markets across the south of China and collectively offer approximately 139
rides and attractions. Due to the geographical locations of the
parks and the ease of travel, the parks are easily accessible to an
aggregate population of approximately 21 million people. Since
September 30, 2023, Mangshi Jinsheng
Amusement Park, which is one of the six parks, has been temporarily
closed. The parks provide a wide range of exciting and entertaining
experiences, including thrilling rides, family-friendly
attractions, water attractions, gourmet festivals, circus
performances, and high-tech facilities. For more information,
please visit the Company's website at https://ir.jsyoule.com/.
Forward-Looking Statements
This press release contains "forward-looking statements".
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company's current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "could," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "propose,"
"potential," "continue" or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For investor and media inquiries, please contact:
Golden Heaven Group Holdings Ltd.
Email: group@jsyoule.com
Ascent Investor Relations LLC
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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SOURCE Golden Heaven Group Holdings Ltd.
