SINGAPORE, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Sound Group Inc. (“Sound Group” or the “Company”) (NASDAQ: SOGP), a global audio-centric social and entertainment company, today provided an update on its $3 million share repurchase program approved by its board of directors (the “Board”) in December 2023 and effective from December 13, 2023 to December 12, 2024.

As of the end of the trading day of February 6, 2024, the Company had repurchased 287,777 ADSs (representing 57,555,400 ordinary shares) at an average price of $2.73 per ADS for a total of $784,713.80, representing approximately 26.16% of the $3 million maximum amount of the share repurchase program.

Mr. Jinnan (Marco) Lai, founder, CEO and Chairman of the Board of Sound Group, said, “We are pleased to provide an update on our share repurchase program. The number of shares repurchased depends on various factors, many of which are beyond our control. However, in accordance with applicable rules and regulations, and subject to relevant limitations, we are actively executing our share repurchase program and have utilized more than 26% of the approved amount to date. Our ongoing share repurchases reflect our confidence in the Company’s intrinsic value, supported by a solid balance sheet and our unwavering commitment to executing our strategic initiatives. Despite the challenging macro environment, we are optimistic about the long-term growth prospects in our global business and the online audio industry. Moving forward, we will remain dedicated to fostering a sustainable business ecosystem and delivering lasting value to our stakeholders over the long term.”

The Company’s share repurchase program may be executed from time to time in 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.

The number of ADSs repurchased and the timing or conditions of repurchases may depend on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with the Company’s working capital requirements and general business conditions, and will be in accordance with applicable rules and regulations, including Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Sound Group is committed to maintaining information transparency and keeping investors updated on the Company’s progress. Any significant plans or material activities including further actions regarding the share repurchase program will be announced in a timely manner in accordance with disclosure obligations.