Jianpu Technology Inc. Extends Its Share Repurchase Program

Rhea-AI Summary

Jianpu Technology (OTCQB: AIJTY) has announced an extension of its share repurchase program for an additional 12 months beyond its original January 2025 expiration date. The program, initially approved by the Board on January 31, 2024, authorizes the company to repurchase up to US$3 million of its American depositary shares (ADSs) or Class A ordinary shares. The extended program will now run for 24 months from January 31, 2024. The company plans to fund the repurchases using its existing cash balance.

Positive

• Board approval for 12-month extension of share buyback program
• US$3 million commitment to repurchase shares
• Company has sufficient cash balance to fund the buyback

Negative

• Relatively small buyback amount of US$3 million indicates scale of shareholder return

News Market Reaction

+60.00%

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+60.00% News Effect

On the day this news was published, AIJTY gained 60.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BEIJING, Dec. 23, 2024 /PRNewswire/ -- Jianpu Technology Inc. ("Jianpu," or the "Company") (OTCQB: AIJTY), a leading open financial technology platform in China, today announced that its board of directors (the "Board") has approved an extension of its existing share repurchase program, which was originally set to expire in January 2025, for an additional 12 months, demonstrating the Company's continued commitment to enhance shareholder value.

On January 31, 2024, the Board approved the existing share repurchase program, under which the Company is authorized to repurchase up to US$3 million of its American depositary shares ("ADSs") or Class A ordinary shares over a period of 12 months. Under the extended share repurchase program, the Company may repurchase up to US$3 million of its ADSs or Class A ordinary shares during the 24 months from January 31, 2024.

The Company plans to continue funding the repurchases under the extended share repurchase program with its existing cash balance.

About Jianpu Technology Inc.

Jianpu Technology Inc. operates a leading open financial technology platform, under Rong360 brand, connecting users with an extensive spectrum of financial products and other products and services. By leveraging cutting-edge digital technology, the Company offers intelligent and comprehensive search and recommendation results in a seamless, efficient, and secure manner to meet the needs of its diverse audience. The Company also enables financial and non-financial partners to enhance their efficiency and competitiveness by offering digital intelligence as a service, including data- and analytical-based risk management, intelligent marketing, and other integrated solutions and services. As the Company expands into FinTech+ ecosystem and broadens its global footprint, it will continue to underscore its dedication to innovation and solidify its influence in the space of financial technology and digital transformation. For more information, please visit http://ir.jianpu.ai. 

Safe Harbor Statement

This press release 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," "confident" and similar statements. 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. 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 Company's goals and strategies; the Company's future business development, financial condition and results of operations; the Company's expectations regarding demand for, and market acceptance of, its solutions and services; the Company's expectations regarding keeping and strengthening its relationships with users, financial service providers and other parties it collaborates with; trends, competition and regulatory policies relating to the industries the Company operates in; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China: 
Jianpu Technology Inc.
(IR) Liting Lu, E-mail: IR@rong360.com 
(PR) Amanda Hu, E-mail: Media@rong360.com 
Tel: +86 (10) 6242 7068 

View original content:https://www.prnewswire.com/news-releases/jianpu-technology-inc-extends-its-share-repurchase-program-302338220.html

SOURCE Jianpu Technology Inc.

FAQ

How much is Jianpu Technology's (AIJTY) share repurchase program worth?

Jianpu Technology's share repurchase program is worth up to US$3 million for ADSs or Class A ordinary shares.

When does AIJTY's extended share repurchase program end?

The extended share repurchase program will run for 24 months from January 31, 2024.

How will Jianpu Technology fund its AIJTY share buyback program?

Jianpu Technology plans to fund the share repurchases using its existing cash balance.

What is the purpose of AIJTY's share repurchase program extension?

The extension demonstrates the company's continued commitment to enhance shareholder value.