NaaS Technology Inc. Announces US$10 Million Share Repurchase Program

Rhea-AI Summary

NaaS Technology Inc. (NAAS), the first U.S.-listed EV charging service company in China, has announced a $10 million share repurchase program approved by its Board of Directors. The program will run from February 21, 2025 through February 2026.

The company may execute the repurchases through various means, including open market transactions at prevailing market prices, privately negotiated transactions, and block trades. The Board will conduct periodic reviews of the program and may adjust its terms and size accordingly.

Positive

• Board approval of $10 million share repurchase program
• Flexible implementation methods including open market, private transactions, and block trades
• 12-month duration provides sustained buying support

Negative

• Relatively small buyback amount may have impact on stock price
• Capital allocation to buybacks reduces funds available for business operations

BEIJING, Feb. 21, 2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced that its board of directors (the "Board") has approved a share repurchase program (the "Share Repurchase Program"), effective from February 21, 2025. Pursuant to the Share Repurchase Program, the Company may repurchase up to US$10 million of its American depositary shares ("ADSs") over the next 12 months through the end of February 2026.

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 Board will review the share repurchase program periodically, and may authorize adjustment of its terms and size.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy assets' lifecycle and facilitating energy transition.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. 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: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com 

View original content:https://www.prnewswire.com/news-releases/naas-technology-inc-announces-us10-million-share-repurchase-program-302382233.html

SOURCE NaaS Technology Inc.

FAQ

What is the size of NaaS Technology's (NAAS) share repurchase program announced in February 2025?

NaaS Technology announced a $10 million share repurchase program for its American depositary shares (ADSs).

When does the NAAS share repurchase program begin and end?

The share repurchase program begins on February 21, 2025, and runs through February 2026, lasting 12 months.

How will NaaS Technology (NAAS) execute its share repurchase program?

NAAS may execute repurchases through open market transactions, privately negotiated transactions, block trades, or other legally permissible means.

Can the terms of NAAS's 2025 share repurchase program be modified?

Yes, the Board will review the program periodically and may authorize adjustments to its terms and size.