Daqo New Energy’s board of directors has approved a share repurchase program on August, 26. Daqo New Energy is authorized to repurchase up to US$10 million worth of its own issued and outstanding ordinary shares or American depositary shares representing ordinary shares in open-market purchases, in negotiated transactions off the market, in block trades or through other legally permissible means in accordance with applicable United States securities laws.
The share repurchase program will be effective for one year from August 26, 2015. The program does not obligate Daqo New Energy to make repurchases at any specific time. The board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size accordingly.