Qudian announces up to $500M share repurchase program
Qudian announced the board of directors of the company approved a new share repurchase program that authorized the company to repurchase up to $500M worth of its American depositary shares, or ADSs, each representing one Class A ordinary share, and/or Class A ordinary shares during the next 30-month period. The board approved the new share repurchase program, whereby Qudian is authorized to repurchase its own ADSs and/or Class A ordinary shares with an aggregate value of up to $500M during the next 30-month period. Under the new program, Qudian may purchase its ADSs and/or Class A ordinary shares through various means, including open market transactions, privately negotiated transactions, tender offers or any combination thereof. In addition, Qudian will also effect repurchase transactions in compliance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and its insider trading policy. Repurchases under the new program will be funded from Qudian's existing cash and cash equivalents and/or future cash provided by operating activities. As of September 30, 2019, Qudian had cash and cash equivalents of approximately $371.6M.