SINGAPORE, July 17, 2024 (GLOBE NEWSWIRE) — SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”) (NASDAQ: SAI, SAITW) today announced that its Board of Directors has approved a new share repurchase program under which the Company may repurchase up to US$1,000,000 and up to 1,000,000 common shares by January 11, 2025. The Company intends to adopt and implement this share repurchase program in accordance with the applicable rules and requirements of the Securities Exchange Act of 1934, as amended, and the Company’s Insider Trading Policy.
Our proposed share repurchases may be made from time to time, depending on market conditions, through open market prices, privately negotiated transactions, block transactions and/or other legally permitted means, subject to applicable rules and regulations. The timing and amount of any share repurchase transactions will be subject to the requirements of Rule 10b-18 and Rule 10b-5 of the U.S. Securities and Exchange Commission. Our board of directors will periodically review the share repurchase program and may approve adjustments to its terms and size.
About SAI.TECH
SAI.TECH is a sustainable decentralized Bitcoin mining operator headquartered in Singapore and a Nasdaq-listed company (SAI). SAI’s mission is to grow as a sustainable decentralized digital asset mining operator and heating supplier globally while facilitating a clean transition in the Bitcoin mining, electricity and heating industries.
In May 2022, SAI merged with TradeUP Global Corporation and became a publicly traded company on the Nasdaq Stock Market (NASDAQ) under the new ticker symbol “SAI.” For more information about SAI.TECH, please visit https://sai.tech/.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “expect,” “anticipate,” “plan,” “target,” “optimistic,” “confident,” “continue,” “project,” “intend,” “seek,” “will” and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact may be deemed forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding SAI.TECH and its business, financial performance and condition, which are based on current expectations, beliefs and assumptions, which are subject to change at any time. SAI.TECH cautions you that these statements inherently involve risks and uncertainties, and that actual results may differ materially depending on various important factors, including government and stock exchange regulation, competition, political, economic and social conditions worldwide, including those discussed under the headings “Risk Factors,” “Operational Results” and “Business Overview” in SAI.TECH’s Form 20-F, and in other reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements apply only as of the date the statements are made, and SAI.TECH expressly disclaims any obligation to maintain or update any forward-looking information in the future, whether of a nature contained in this release or otherwise.
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