Lucas GC Limited Announces US$6 Million Share Repurchase Program
08 Agosto 2024 - 8:00AM
Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an
artificial intelligence (the “AI”) technology-driven
Platform-as-a-Service (the “PaaS”) company whose technologies have
been applied to the human resources, insurance and wealth
management industry verticals, today announced that its board of
directors has authorized a share repurchase program under which the
Company may repurchase up to US$6 million of its ordinary shares,
the same gross amount of proceeds that it raised in its IPO closed
in March 2024. This plan is effective immediately for up to a
one-year period.
“We achieved financial results in 2023 with both record revenue
and net profit. Our 2023 revenue reached US$208 million
representing 92.3% annual growth, net income reached US$11 million
representing 115% annual growth. In 2024 we have obtained two
significant patents that further solidify our technological leads
in the AI area with wide applications in such verticals as human
resources, insurance and wealth management; signed two strategic
agreements with publicly traded financial institutions to port our
AI LLM technology into wealth management vertical which
significantly increases our TAMs (Total Available Markets); and to
partner with a leading AI firm publicly traded in the main board of
Hong Kong Stock Exchange to develop AI training courses. As a
result, we are confident that these initiatives will have positive
impacts on both our top and bottom lines going forward. While the
macro-economic environment remains uncertain, Lucas’ ordinary
shares are currently trading well below our intrinsic valuation. We
believe withdrawing the Registration Statement on Form F-1 filed on
August 5, together with these repurchases are the prudent measures
to maximize our shareholder values,” said Howard Lee, CEO and
Chairman of the Board of Lucas.
The Company may repurchase ordinary shares from time to time
through open market purchases, in privately negotiated
transactions, or by other means, including through the use of
trading plans, intended to qualify under Rule 10b-18 under the
Securities Exchange Act of 1934, as amended, in accordance with
applicable securities laws and other restrictions. The timing and
total amount of stock repurchases will depend upon business,
economic and market conditions, corporate, legal and regulatory
requirements, prevailing stock prices, trading volume, and other
considerations. The share repurchase program may be suspended or
discontinued at any time and does not obligate the Company to
acquire any amount of stock. The Company expects to utilize its
existing cash and cash equivalents to fund any repurchases under
the share repurchase program.
About Lucas GC Limited
With 18 granted U.S. and Chinese patents and over 74 registered
software copyrights in the AI, data analytics and blockchain
technologies, Lucas GC Limited is an AI technology-driven Platform
as a Service (PaaS) company with over 638,000 agents working on its
platform. Lucas’ technologies have been applied to the human
resources, insurance and wealth management industry verticals. For
more information, please visit: https://www.lucasgc.com/.
Forward-Looking Statements
Statements in this press release about future expectations,
plans, and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
‘forward-looking statements.’ The words ‘anticipate,’ ‘believe,’
‘continue,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’
‘potential,’ ‘predict,’ ‘project,’ ‘should,’ ‘target,’ ‘will,’
‘would’ and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including the
uncertainties related to market conditions. Any forward-looking
statements contained in this press release speak only as of the
date hereof, and Syra Health specifically disclaims any obligation
to update any forward-looking statement, whether as a result of new
information, future events, or otherwise.
For Media Contact:https://www.lucasgc.com/ir@lucasgc.comT:
818-741-0923
For Investor Inquiries: Ben Shamsian Vice President Lytham
Partners, LLC 646-829-9701 shamsian@lythampartners.com
Lucas GC (NASDAQ:LGCL)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024
Lucas GC (NASDAQ:LGCL)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024