China Information Technology Announces $9M Share Buyback
China Information Technology (NASDAQ: CNIT) today announced that the Company's Board of Directors has approved a $9.0 million share repurchase program.
The Company expects to implement this share repurchase program over the next 12 months, in a manner consistent with market conditions and the interest of shareholders. Repurchases may be in open-market transactions or through privately negotiated transactions. The timing and extent of any purchases will depend upon market conditions, the trading price of the Company's ordinary shares and other factors, and are subject to the restrictions relating to volume, price and timing under applicable laws, including but not limited to, Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The Company's Board of Directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. The repurchases will be funded with the proceeds from the Company's recently issued 3 million shares of employee incentive stock under its 2013 Equity Incentive Plan. It is expected that the repurchased