FEDU News-, Share Buy Back, 16mil Float
Four Seasons Education Announces Board Authorization to Repurchase up to US$15 Million
Source: PR Newswire (US)
SHANGHAI, Sept. 23, 2021 /PRNewswire/ -- Four Seasons Education (Cayman) Inc. ("Four Seasons Education" or the "Company") (NYSE: FEDU), a leading Shanghai-based educational company dedicated to providing comprehensive after-school education services with a focus on high-quality math education, today announced that effective on September 23, 2021, the board of directors of the Company (the "Board") approved a share repurchase program whereby Four Seasons Education is authorized to repurchase its own ordinary shares in the form of American depositary shares ("ADSs") with an aggregate value of up to US$15.0 million during the next twelve-month period. The Company plans to fund the repurchase program out of its available working capital, existing cash balance or future cash provided by operating activities.
The share repurchases under the 2021 program may be made from time to time through various means, including open market purchases and privately negotiated transactions. The per share price cap will be determined from time to time at the discretion of the Chief Executive Officer, as authorized by the Board. The proposed share repurchase may be effected on the open market at prevailing market prices, depending on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors, as well as subject to applicable rules of Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
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