Qudian Announces Authorization To Repurchase $300 Mln ADSs

(RTTNews) - Qudian Inc. (QD) announced Monday that its board has authorized a share repurchase program for up to $300 million worth of its outstanding American depositary shares or ADSs, over the next 36 months starting from June 13, 2024.

Each ADS of the consumer-oriented technology company will represent one Class A ordinary share, and/or Class A ordinary shares.

The repurchase is for a time to time buy through open market at prevailing market prices, privately negotiated transactions, block trades or any combination thereof.

The Company plans to fund the repurchases from its existing cash balance and does not expect to adversely affect its existing business strategies.

In the pre-market session, shares are at $2.55, up 2.55 percent.