SHANGHAI, Dec. 9, 2022
/PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE:
RERE), a leading technology-driven pre-owned consumer electronics
transactions and services platform in China, today announced that its board of
directors has authorized an extension of the Company's existing
share repurchase program for another twelve-month period starting
from December 28, 2022, with all
other terms remain unchanged.
The Company's board of directors adopted the existing share
repurchase program on December 28,
2021, pursuant to which the Company may repurchase up to
US$100 million of its shares over a
twelve-month period starting from December
28, 2021. As of December 9, 2022, the Company has
repurchased US$33 million of its
shares. As a result, the Company may continue to repurchase up to
US$67 million of its shares until the
expiration of the extended share repurchase program.
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 extended share repurchase
program periodically, and may authorize adjustment of its terms and
size. The Company expects to fund the repurchases from its existing
About ATRenew Inc.
Headquartered in Shanghai,
ATRenew Inc. operates a leading technology-driven pre-owned
consumer electronics transactions and services platform in
China under the brand ATRenew.
Since its inception in 2011, ATRenew has been on a mission to give
a second life to all idle goods, addressing the environmental
impact of pre-owned consumer electronics by facilitating recycling
and trade-in services, and distributing the devices to prolong
their lifecycle. ATRenew's open platform integrates C2B, B2B, and
B2C capabilities to empower its online and offline services.
Through its end-to-end coverage of the entire value chain and its
proprietary inspection, grading, and pricing technologies, ATRenew
sets the standard for China's
pre-owned consumer electronics industry.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. ATRenew may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about ATRenew's beliefs,
plans 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: ATRenew's
strategies; ATRenew's future business development, financial
condition and results of operations; ATRenew's ability to maintain
its relationship with major strategic investors; its ability to
provide facilitate pre-owned consumer electronics transactions and
provide relevant services; its ability to maintain and enhance the
recognition and reputation of its brand; general economic and
business conditions globally and in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in ATRenew's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and ATRenew does not undertake any obligation
to update any forward-looking statement, except as required under
For more information, please contact:
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SOURCE ATRenew Inc.