QuantaSing Group Limited (NASDAQ:QSG) shares are trading higher in the premarket session on Tuesday.
The Chinese online learning service provider authorized a share repurchase program under which it may repurchase up to $20.0 million of its Class A ordinary shares in the form of American depositary shares.
The repurchase is for twelve months, commencing on June 11, 2024.
“The Share Repurchase Program is well-aligned with our commitment to maximizing value for our shareholders and reflects the Board’s confidence in the Company’s continued growth and long-term prospects,” said Peng Li, QuantaSing’s Chairman and Chief Executive Officer.
On June 9 last year, the company announced that its board of directors had approved a share repurchase program of up to $20.0 million.
As of March 31, the company had cumulatively repurchased an aggregate of approximately 2.6 million ADSs for approximately $11.5 million under the program.
The company had cash and cash equivalents and short-term investments of $159.3 million as of March-end.
For the fourth quarter, the company expects its revenues to be in the range of RMB900.0 million to RMB930.0 million, representing a year-over-year increase of 8.7% to 12.3%.
Price Action: QSG shares are trading higher by 21.5% to $1.98 premarket at last check Tuesday.
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