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Nov. 26, 2012 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company") (NYSE: NQ), a leading global provider of mobile Internet services, today announced that its board of directors has authorized a share repurchase plan under which the Company may repurchase up to
US$20 million of its American Depository Shares ("ADSs") over the next 12 months.
Under the share repurchase plan authorized by its board of directors, NQ Mobile may repurchase up to
US$20 million worth of its outstanding ADSs over the next 12 months. The 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. NQ Mobile's board of directors will review the share repurchase plan periodically, and may authorize adjustment of its terms and size. NQ Mobile plans to fund repurchases made under this plan from its existing cash balance.
Henry Lin and
Omar Khan, Co-CEOs of NQ Mobile, commented, "We believe that the current price of our ADSs severely undervalues our company and the board's decision to implement the share repurchase plan reflects its strong belief in the strength of our businesses. With over
US$120 million in cash and zero debt, we have a strong balance sheet and expect to continue generating cash from operations that would provide enough resources to fund our ongoing research and development, marketing and other business expansion efforts. At the present time, the combination of market valuations, our solid cash flows, cash balances and financial strength lead us to believe that this share repurchase plan represents an effective use of our cash and is in the best interests of our shareholders."
About NQ Mobile