Sunlands Technology Group Announces $ 15 Million Share Buyback Program
BEIJING, December 6, 2021 / PRNewswire / – Sunlands Technology Group (NYSE: STG) (âSunlandsâ or the âCompanyâ), a leader in from China online post-secondary and vocational education, today announced that its board of directors has approved a share buyback program under which the Company is authorized to repurchase up to $ 15 million of its Class A common shares in the form of US custodian shares over the next 24 months.
Sir. Tongbo Liu, Chairman and CEO of Sunlands, said: âThe share buyback program reflects our capital strength and our confidence in delivering sustained, long-term performance for our shareholders. We are delighted that our strong cash-generating capacity allows us to return shareholder value and continue to invest in improving our content, upgrading our technology and attracting more students to our. platform to sustainably develop our business. “
Redemptions offered by the Company may be made from time to time on the open market at prevailing market prices, in privately traded transactions, in blocks and / or by other legally permitted means, depending on the conditions. market and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the rules of the Securities and Exchange Commission (the “SEC”). 10b-18 requirements. These repurchases are also expected to be effected in accordance with a plan that complies with SEC Rule 10b5-1. The Company plans to fund the buybacks from its existing cash balance.
Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is the leading from China online post-secondary and vocational training. With a one-to-many live streaming platform, Sunlands offers a variety of post-secondary degree and diploma-focused courses, as well as online professional courses and educational content, to help students prepare for professional certification exams. and acquire professional skills. Students can access its services through a PC or mobile applications. The Company’s online platform cultivates a personalized and interactive learning environment by providing a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to educational research and development that organizes subject content into learning outcome trees, the company’s proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.
Safe Harbor Declaration
This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as “will”, “expect”, “anticipate”, “the future”, “intend”, “plan”, “believe”, “estimate”, “” ” confident âand similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed or provided to the United States Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by Sunlands. its officers, directors or employees to third parties. All statements that are not historical facts, including statements about Sunlands beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those of forward-looking statements. These factors and risks include, without limitation, the following: Sunlands objectives and strategies; its expectations regarding demand and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve the quality of teaching and the learning outcomes of students; its ability to improve the efficiency and effectiveness of sales and marketing; its ability to hire, train and retain new faculty members; its future business development, operating results and financial condition; its ability to maintain and improve the technological infrastructure necessary to operate its business; competition in the online education sector in China; relevant government policies and regulations relating to Sunlands corporate structure, operations and industry; and the general economic and trade situation in China. Further information regarding these and other risks, uncertainties or factors are included in the documents filed by Sunlands with the United States Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands assumes no obligation to update such information, except as required by applicable law.
For investor and media inquiries, please contact:
Sunlands Technology Group
E-mail: [emailÂ protected]
The Piacente Group, Inc.
Phone: + 1-212-481-2050
E-mail: [emailÂ protected]
Phone. : + 86-10-6508-0677
E-mail: [emailÂ protected]
SOURCE Sunlands Technology Group