Daqo New Energy Corp. (DQ), a manufacturer of high-purity polysilicon for the global solar PV industry, Tuesday announced that its board of directors has approved a $100 million share repurchase program, effective today through December 31, 2026.
The board of directors has authorized Daqo New Energy to repurchase up to $100 million worth of its own issued and outstanding ordinary shares or American depositary shares representing ordinary shares in open-market purchases.
The company expects to fund the repurchase primarily out of its existing cash balance. The repurchase program does not obligate Daqo New Energy to acquire any number of ordinary shares or ADSs at any specific time. The board of directors will review the share repurchase program periodically and may authorize adjustments of its terms and size accordingly.
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