VisionChina Media Announces $15M Share Repurchase Program
VisionChina Media (Nasdaq: VISN) today announced that its board of directors has approved a share repurchase program.
The Company has been authorized, but is not obligated, to repurchase up to US$15 million worth of its own American depositary shares ("ADSs") by December 31, 2012. The repurchases will be made from time to time on the open market or in block trades in accordance with the "safe harbor" requirements of Rule 10b - 18 under the U.S. Securities Exchange Act of 1934, as amended. The timing and extent of any repurchases under the share repurchase program will also depend upon market conditions, the trading price of the Company's ADSs and other factors. VisionChina Media expects to implement the share repurchase program in a manner consistent with the market conditions and in the best interest of its shareholders. VisionChina Media plans to fund the repurchases made under this program from its available cash balance.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.