HANGZHOU, China, March 8,
2023 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST"
or the "Company"), a leading integrated smart supply chain
solutions and logistics services provider in China and Southeast
Asia, today announced that its board of directors has
authorized a share repurchase program, under which BEST may
repurchase up to US$20 million worth
of its outstanding American Depositary Shares ("ADSs") over the
next 12 months.
The Company's proposed repurchases may be made from time to time
through open market transactions at prevailing market prices,
privately negotiated transactions, block trades or any combination
thereof, depending on market conditions and the trading price of
the Company's ADSs, among other factors, and in accordance with
applicable rules and regulations. BEST's board of directors will
review the share repurchase program periodically, and may amend the
terms of the program.
BEST expects to implement this share repurchase program in a
manner consistent with the interests of its shareholders and in
compliance with the Company's policies governing trading of
securities. BEST plans to fund the repurchases from its available
working capital.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under 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," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as BEST's strategic and operational plans,
contain forward-looking statements. BEST 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 BEST's beliefs 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: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST's
ability to maintain and enhance its ecosystem; BEST's ability to
compete effectively; BEST's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates, and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in BEST's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and BEST does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China and Southeast
Asia. Through its proprietary technology platform and
extensive networks, BEST offers a comprehensive set of logistics
and value-added services, including freight delivery, supply chain
management and global logistics services. BEST's mission is to
empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain. For more information, please visit:
http://www.best-inc.com/en/.
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SOURCE BEST Inc.