Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
06 September 2023 - 6:00AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of September 2023
Commission File Number: 001-34602
DAQO NEW ENERGY CORP.
Unit 29D, Huadu Mansion, 838 Zhangyang Road,
Shanghai, 200122
The People’s Republic of China
(+86-21) 5075-2918
(Address of principal
executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b) (1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b) (7): ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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DAQO NEW ENERGY CORP. |
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By: |
/s/ Xiang Xu |
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Name: |
Xiang Xu |
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Title: |
Chairman of the Board of Directors and Chief Executive Officer |
Date: September 5, 2023 |
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Exhibit 99.1
Daqo New Energy Provides
Update on its USD$700 Million Share Repurchase Program
Shanghai, China —
September 5, 2023—Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy”, the “Company” or “we”),
a leading manufacturer of high-purity polysilicon for the global solar PV industry, today provided an update on its USD$700 million share
repurchase program that was announced on November 7, 2022.
As of today, approximately
43.1% of the authorized repurchase amount under the program has been executed through repurchases by an intermediary in the open market
at prevailing prices or in privately negotiated transactions. The Company has repurchased 7.28 million ADSs for approximately $301.7
million under the current program, at an average cost of $41.42 per ADS.
Xiang
Xu, Chairman and CEO of the Company, commented, “In the month of August, we accelerated our pace, repurchasing 3.11 million ADSs
for approximately $112.9 million, at an average cost of $36.22 per ADS. We believe that our shares are undervalued despite our solid
performance and our industry’s promising outlook. As a result, we expect to continue to buy back ADSs when they are trading below
our expectations. The Company’s balance sheet and liquidity positions are robust. At the end of the second quarter, the
Company had a cash balance of $3.2 billion and a combined cash and bank note receivable balance of $4.0 billion. In the first half of
2023, the Company had an operating cash inflow of $786 million. Hence, the upper limit of our share repurchase
program remains unchanged at $700 million, and we are committed to executing the program through the remainder of 2023. The timing of
repurchase, number of shares repurchased and prices paid will depend upon the Company’s business developments and market conditions,
as well as corporate governance and regulatory restrictions, including any blackout period requirements.”
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”)
is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and
sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and
modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 205,000 metric tons and is one of the world's
lowest cost producers of high-purity polysilicon.
For more information, please visit www.dqsolar.com.
For additional information, please contact:
Daqo New Energy Corp.
Investor Relations
Email: ir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1 480 614 3004
Email: lbergkamp@christensencomms.com
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “might,” “guidance”
and similar statements. Among other things, Daqo New Energy’s share repurchase plan and the industry’s outlook contain forward-looking
statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities
and Exchange Commission, 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,
all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. 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: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for
polysilicon; alternative technologies in cell manufacturing; the Company’s ability to significantly expand its polysilicon production
capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; and
the Company’s ability to lower its production costs. Further information regarding these and other risks is included in the reports
or documents that the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided
in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking
statement, except as required under applicable law.
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