UCLOUDLINK GROUP INC. Announces Passing Away of an Independent Director

Rhea-AI Summary

UCLOUDLINK announces the passing of independent director Mr. Onward Choi and appoints Ms. Hope Ni as the new chairperson of the audit committee.

Positive

• UCLOUDLINK expresses appreciation for Mr. Choi's contributions and appoints Ms. Hope Ni as the new chairperson of the audit committee.

Negative

• None.

HONG KONG, June 30, 2023 (GLOBE NEWSWIRE) -- UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, today announced with deepest sorrow that Mr. Onward Choi, an independent director of the Company, chairman of the Company’s audit committee, and member of the Company’s compensation committee and nominating and corporate governance committee, passed away on June 12, 2023.

Mr. Choi served as our independent director since June 2020. The board of directors (the “Board”) would like to express our greatest appreciation for Mr. Choi’s valuable contributions to the Company during his tenure of office and convey our sincere condolences to his family and friends.

The Company intends to maintain a four-person board with two independent directors. As at the date of this announcement, each of the Company’s audit committee, compensation committee and nominating and corporate governance committee comprises two members, Ms. Hope Ni and Prof. Ying Kong, both being the Company’s independent directors. The Board has determined that Ms. Hope Ni qualifies as an “audit committee financial expert” under Item 16A of Form 20-F and a financially sophisticated audit committee member under Rule 5605(c)(2)(A) of the Listing Rules of the Nasdaq Stock Market, and has appointed her as the chairperson of the Company’s audit committee, effective on June 30, 2023.

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

For more information, please contact:

 

UCLOUDLINK GROUP INC.
Jillian Zeng
Tel: +852-2180-6111
E-mail: ir@ucloudlink.com

Investor Relations:
The Equity Group Inc.
Alice Zhang, Associate
Tel: +1-212-836-9610
E-mail: azhang@equityny.com 

In China:
Lucy Ma, Associate
Tel: +86 10 5661 7012
E-mail: lma@equityny.com

Who passed away at UCLOUDLINK?

Mr. Onward Choi, an independent director.

Who is the new chairperson of the audit committee?

Ms. Hope Ni.

What is UCLOUDLINK?

UCLOUDLINK is the world's first and leading mobile data traffic sharing marketplace.

What is the role of the audit committee?

The audit committee is responsible for overseeing the financial reporting process and internal control systems of the company.

What is the role of an independent director?

An independent director provides an objective perspective and helps ensure corporate governance.

What is the role of the compensation committee?

The compensation committee is responsible for determining executive compensation and benefits.

What is the role of the nominating and corporate governance committee?

The nominating and corporate governance committee is responsible for identifying and nominating candidates for the board of directors and overseeing corporate governance practices.