BEIJING (dpa-AFX) - Monday, Daqo New Energy Corp. (DQ), a producer of high-purity polysilicon for the global solar photovoltaic industry, announced that its board has approved a $100 million share buyback program, effective immediately and running through June 30, 2025. Following this news the stock is up 6% in the pre-market
The company indicated that the buyback will involve its own issued and outstanding ordinary shares or American depositary shares representing those ordinary shares.
Purchases will occur in the open market, through negotiated off-market transactions, block trades, or other means. Daqo plans to finance the buyback primarily with available cash and its current cash reserves.
In pre-market activity on the NYSE, the shares are trading at $17.09, up 6.28%.
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