Angelalign Technology Inc. commences an Equity Buyback Plan for 16,974,138 shares, representing 10% of its issued share capital, under the authorization approved on June 29, 2023.
July 12, 2023 at 06:48 am EDT
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Angelalign Technology Inc. (SEHK:6699) commences share repurchases on July 12, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 29, 2023. As per the mandate, the company is authorized to repurchase up to 16,974,138 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of June 29, 2023, the company had 169,741,384 shares in issue.
On July 4, 2023, the company announced a share repurchase program. Under the program, the company will repurchase HKD 100 million worth of shares. The shares will be repurchased at price of no more than 5% higher than the average closing market price for the Shares over the five trading days immediately preceding each repurchase. The company will subsequently cancel the bought shares. The program will be financed from its existing available cash.
ANGELALIGN TECHNOLOGY Inc is a clear aligner dental treatment solution provider. The Company provides dental professionals with self-developed digital orthodontics solutions. The Companyâs Angelalign clear aligner system facilitate dental professionals throughout the entire clear aligner treatment process, include digitally-assisted case assessment support and treatment planning services, provide dental professionals with digitally-assisted case assessment support and treatment planning services, help dental professionals design, review and modify treatment plans; customized, removable clear aligners based on specific treatment plans, is a removable, transparent, plastic form of dental braces used to treat malocclusion; and cloud-based service platform, iOrtho, helps to placing orders, reviewing, modifying and finalizing their treatment plans online with the help from its medical designers, and reviewing, editing and managing medical records of their patients.
Angelalign Technology Inc. commences an Equity Buyback Plan for 16,974,138 shares, representing 10% of its issued share capital, under the authorization approved on June 29, 2023.
ANGELALIGN TECHNOLOGY INC. 
