NEW YORK, Oct. 31,
2022 /PRNewswire/ -- Ever-Glory International
Group, Inc. (the "Company" or "Ever-Glory") (NASDAQ: EVK), a
retailer of branded fashion apparel and a leading global apparel
supply chain solution provider, today filed a preliminary proxy
statement to solicit votes for, among other proposals, the
proposed termination of the registration of the Company's
common stock under Section 12(g) of the Securities Exchange Act of
1934, as amended (the "Exchange Act") and the suspension of the
Company's duty to file periodic reports and other information with
the SEC under Section 15(d) of the Exchange Act. The Board of
Directors deems it in the best interest of the Company and its
shareholders to "go dark" which could save the Company
approximately half a million each year in connection with our
Exchange Act obligations, allow management and our employees to
focus more of their attention on our business operations, and
remove some of the negative publicity from our retail customers and
business partners in China we
recently encountered as a U.S. listed company.
In order to give the public stockholders an exit simultaneously
with the go-dark, the Company announced today that its Board of
Directors has authorized a stock repurchase program pursuant to
which the Company may repurchase up to $3.5 million of the Company's outstanding
common stock, which should end on the earlier of (i) the date that
the aggregate value of the repurchased shares of common stock
reaches $3.5 million; (ii) the date
when the registration of the Company's common stock is
terminated under Section 12(g) of the Exchange Act; or (iii) the
date when the Company's duty to file periodic reports and other
information with the SEC is suspended under Section 15(d)
thereunder.
Under the stock repurchase program, the Company may purchase
shares of its common stock from time to time through various means,
including open market transactions and privately negotiated
transactions. Open market repurchases will be made in
accordance with applicable securities laws and regulations,
including Rule 10b-18 under the
Exchange Act, and may be effected pursuant to Rule 10b5-1 under the
Exchange Act. The manner, timing and amount of any stock
repurchases will be determined by the Company's management in its
discretion based on its evaluation of various factors, including
the trading price of the Company's common stock, market and
economic conditions, regulatory requirements and other corporate
considerations. The repurchase program may be suspended or
discontinued at any time.
About Ever-Glory International Group, Inc.
Based in Nanjing, China, Ever-Glory International Group, Inc. is
a retailer of branded fashion apparel and a leading global apparel
supply chain solution provider. Ever-Glory is the first Chinese
apparel Company listed on the American Stock Exchange (now named as
NYSE MKT) in July 2008 and then
transferred to The NASDAQ Global Market on December 31, 2015. Ever-Glory offers apparel to
woman in China under its own
brands "La go go", "Velwin" and "idole". Ever-Glory is also a
leading global apparel supply chain solution provider with a focus
on middle-to-high end casual wear, outerwear, and sportswear
brands. Ever-Glory services a number of well-known brands and
retail stores by providing a complete set of supply chain
management services, including: fabric development and design,
sampling, sourcing, quality control, manufacturing, logistics,
customs clearance and distribution.
Forward-Looking Statements
Certain statements in this release and other written or oral
statements made by or on behalf of Ever-Glory International Group,
Inc. (the "Company") are "forward looking statements" within the
meaning of the federal securities laws. Statements regarding future
events and developments and the Company's future performance, as
well as management's expectations, beliefs, plans, estimates or
projections relating to the future, are forward-looking statements
within the meaning of these laws. The forward looking statements
are subject to a number of risks and uncertainties including,
without limitation, market acceptance of the Company's products and
offerings, development and expansion of the Company's wholesale and
retail operations, the Company's continued access to capital,
currency exchange rate fluctuation, impacts from the ongoing
COVID-19 pandemic on local, national and global economic conditions
in general and on our industry and business in particular,
and other risks and uncertainties. The actual results the Company
achieves (including, without limitation, the results stemming from
the future implementation of the Company's strategies and the
revenue, net income and new retail store projections set forth
herein) may differ materially from those contemplated by any
forward-looking statements due to such risks and uncertainties
(many of which are beyond the Company's control). These statements
are based on management's current expectations and speak only as of
the date of such statements. Readers should carefully review the
risks and uncertainties described in the Company's latest Annual
Report on Form 10-K and other documents that the Company files from
time to time with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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SOURCE EVER-GLORY INTERNATIONAL GROUP INC
