China-based e-vapor company RLX Technology Inc (NYSE:RLX) shares are trading higher after it disclosed the extension of its existing share repurchase program.
The company established the program in December 2021, which will be extended for an additional 24 months through December 31, 2025.
Under the existing share repurchase program, the company can repurchase up to $500 million in ordinary shares represented by ADSs till December 31, 2023.
As of December 28, 2023, the company had repurchased around $193.5 million of its ordinary shares represented by ADSs.
The company expects to fund the repurchases out of its existing cash balance.
As of September 30, 2023, RLX had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, long-term bank deposits, and net and long-term investment securities, of $2.074 billion.
Earlier this month, RLX entered into two share purchase agreements with two target companies and their respective shareholders for about $25 million to boost international expansion.
Price Action: RLX shares are up 2.08% at $1.96 premarket on the last check Friday.
