DUBAI, U.A.E., May 21, 2021 /PRNewswire/ -- Yalla Group Limited
("Yalla" or the "Company") (NYSE: YALA), the leading voice-centric
social networking and entertainment platform in the Middle East and North Africa (MENA), today announced that its
board of directors has authorized a share repurchase program under
which the Company may repurchase up to US$150 million worth of its outstanding (i)
American depositary shares ("ADSs"), each representing one Class A
ordinary share, and/or (ii) Class A ordinary shares over the next
12 months starting from May 21,
2021.
Certain recent allegations by short sellers against Yalla
contain distorted, misleading, and unsubstantiated claims regarding
the Company. These allegations illustrated these short sellers'
lack of understanding of the Company's business model and the
feelings and sentiments within the Company's user community. The
Company affirms that it has not placed any robots into any of its
chatrooms or otherwise manipulated its MAU or other operating or
financial data. Yalla has a solid business model and monetization
model which have been delivering strong revenue and profit, leading
to solid cash balance. After considering the Company's strong cash
position, and in order to protect shareholders' value and
demonstrate the Company's confidence in its continued growth and
long-term prospects, Yalla's board of directors has authorized a
share repurchase plan under which the Company may repurchase up to
US$150 million of its shares over the
next 12 months.
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 Company's
board of directors will review the share repurchase program
periodically, and may authorize adjustment of its terms and size.
The Company plans to fund repurchases from its existing cash
balance.
About Yalla Group Limited
Yalla Group Limited is the leading voice-centric social
networking and entertainment platform in the Middle East and Northern Africa (MENA). The Company's flagship
mobile application, Yalla, is specifically tailored for the people
and local cultures of the region and primarily features Yalla
rooms, a mirrored online version of the majlis or cafés where
people spend their leisure time in casual chats. Voice chats are
more suitable to the cultural norms in MENA compared to video
chats. The Company strives to maintain users' equal status on its
platform, thereby encouraging all users to freely communicate and
interact with each other. The Company also operates Yalla Ludo, a
mobile application featuring online versions of board games that
are highly popular in MENA, such as Ludo and Domino. In-game
real-time chats and Ludo chat room functions are popular social
networking features among users. Through close attention to detail
and localized appeal that deeply resonates with users, Yalla's
mobile applications deliver a seamless user experience that fosters
a loyal sense of belonging, creating a highly devoted and engaged
user community.
For more information, please visit:
http://ir.yallatech.ae/
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States 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" and similar statements. Statements
that are not historical facts, including statements about Yalla
Group Limited'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: Yalla Group
Limited's goal and strategies; Yalla Group Limited's expansion
plans; Yalla Group Limited's future business development, financial
condition and results of operations; the trends in, and size of,
MENA's online social networking and entertainment market; Yalla
Group Limited's expectations regarding demand for, and market
acceptance of, its products and services; Yalla Group Limited's
expectations regarding its relationships with users, suppliers,
third-party service providers, strategic partners and other
stakeholders; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Yalla
Group Limited's filings with the SEC. All information provided in
this press release is as of the date of this press release, and
Yalla Group Limited does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
Yalla Group Limited
Investor Relations
Kerry Gao -- IR
Director
Tel: +86-571-8980-7962
Email: ir@yallatech.ae
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com
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SOURCE Yalla Group Limited