GUIYANG, China, March 13, 2024 /PRNewswire/ -- Full Truck
Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading
digital freight platform, today announced an extension of its share
repurchase program. As previously reported by the Company, its
board of directors (the "Board") authorized a share repurchase
program with an original expiration date of March 12, 2024. The Board resolved to extend the
term of the share repurchase program such that the Company may
repurchase up to approximately US$300
million of its American depositary shares (the "ADSs"), each
representing 20 Class A ordinary shares and/or ordinary shares,
through March 12, 2025. Repurchases
under the Company's share repurchase program may be made from time
to time through open market transactions at prevailing market
prices, in privately negotiated transactions, in block trades,
and/or through other legally permissible means, depending on the
market conditions and in accordance with the applicable rules and
regulations. The Board will review the share repurchase program
periodically, and may authorize adjustments to its terms and size
or suspend or discontinue the program. The timing and conditions of
the share repurchases will be subject to various factors, including
the requirements under Rule 10b-18
and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
The Company expects to fund the repurchases with its existing cash
balance.
Upon review of the Company's results of operations, business
development plan, capital requirements, and cash position, the
Board is confident in the Company's business performance and
outlook. Accordingly, on March 13,
2024, the Board declared an annual cash dividend for the
year ended December 31, 2023, of
US$0.0072 per ordinary share, or US$0.1444 per ADS, payable on or around
April 19, 2024, to holders of record
of the Company's ordinary shares at the close of business on
April 5, 2024. The aggregate amount
of the dividend is expected to be approximately US$150 million. Cash dividends are expected to be
paid to holders of the Company's ADSs through the depositary,
Deutsche Bank Trust Company Americas, on or around April 19, 2024, subject to the terms of the
deposit agreement, including the fees and expenses payable
thereunder.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements which are made pursuant to the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as "may," "will," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to," and similar statements. Statements that are not
historical facts, including statements about the Company's beliefs,
plans, and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: FTA's goal
and strategies; FTA's expansion plans; FTA's future business
development, financial condition and results of operations;
expected changes in FTA's revenues, costs or expenses; industry
landscape of, and trends in, China's road transportation market;
competition in FTA's industry; FTA's expectations regarding demand
for, and market acceptance of, its services; FTA's expectations
regarding its relationships with shippers, truckers and other
ecosystem participants; FTA's ability to protect its systems and
infrastructures from cyber-attacks; PRC laws, regulations, and
policies relating to the road transportation market, as well as
general regulatory environment in which FTA operates in
China; the results of regulatory
review and the duration and impact of any regulatory action taken
against FTA; the impact of COVID-19 outbreaks, extreme weather
conditions and production constraints brought by electricity
rationing measures; general economic and business condition; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital
freight platform connecting shippers with truckers to facilitate
shipments across distance ranges, cargo weights and types. The
Company provides a range of freight matching services, including
freight listing, freight brokerage and online transaction services.
The Company also provides a range of value-added services that
cater to the various needs of shippers and truckers, such as
financial institutions, highway authorities, and gas station
operators. With a mission to make logistics smarter, the Company is
shaping the future of logistics with technology and aspires to
revolutionize logistics, improve efficiency across the value chain
and reduce its carbon footprint for our planet. For more
information, please visit ir.fulltruckalliance.com.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
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SOURCE Full Truck Alliance Co. Ltd.
