RLX Technology stock jumped 8% in premarket trading after it announced US$500 million share repurchase program.
RLX Technology Inc. today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up toUS$500 millionof its shares over a period untilDecember 31, 2023.
The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases out of its existing cash balance.
About RLX Technology Inc.
RLX Technology Inc. is a leading branded e-vapor company in China. The Company leverages its strong in-house technology and product development capabilities and in-depth insights into adult smokers' needs to develop superior e-vapor products. RLX Technology Inc. sells its products through an integrated offline distribution and "branded store plus" retail model tailored toChina'se-vapor market.
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