Courtesy of Benzinga
Highpower International (NASDAQ: HPJ) today announced that its Board of Directors has authorized the implementation of a share repurchase plan to repurchase up to $5.0 million outstanding shares of the Company’s common stock in open market purchases, with block trades being permitted, from time to time in the discretion of the Company’s management and as market conditions allow. The timing of purchases and the exact number of shares to be purchased will depend upon market conditions. The repurchase program does not require the Company to acquire a specific number of shares, and the repurchase program may be limited or terminated at any time without prior notice.
The Company intends to effect the share repurchases in compliance with the Rule 10b-18 under the Securities Exchange Act of 1934. Stock repurchases may be made through a wholly-owned subsidiary of the Company. The acquired shares will be retired and cancelled upon repurchase.
