Business
JX Luxventure Announces US$5,000,000 Shares Repurchase Program and Signs US$30,000,000 Sales Agreement
HAIKOU, China, June 22, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the "Company"), a company delivering comprehensive products solutions to
About this update from Jx Luxventure Group Inc.
[{"type":"text","content":"HAIKOU, China, June 22, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the \"Company\"), a company delivering comprehensive products solutions to global high-net-worth families serviced by our business customers with business segments covering menswear, cross-border merchandise and tourism, announced today that on June 20, 2022, the Company's Board of Directors (the \"Board\") has authorized a share repurchase program of up to US$5,000,000 of the Company's common stock from time to time during a 12-month period by Sun \"Ice\" Lei, Chief Executive Officer of Company (the \"Share Repurchase Program\"). The Board has determined that the Share Repurchase Program is in the best interest of the Company's shareholders based on their analysis that the current market capitalization of the Company is significantly lower than its intrinsic value and that this Share Repurchase Program will install shareholder confidence in the Company. The funds for the repurchases under the Share Repurchase Program will be personally provided by Sun \"Ice\" Lei. The Board will be periodically reviewing the Share Repurchase Program and may authorize adjustment of its terms and size.\nThe specific timing and amount of the proposed repurchases by Sun \"Ice\" Lei may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades or through other legally permissible means, and will be determined by the market and other conditions, securities law limitations and other applicable rules and regulations. Sun \"Ice\" Lei will not sell the shares in the public market for at least two years.\nThe Company and Sun \"Ice\" Lei intend to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-8 of the Securities Exchange Act of 1934, as amended. \nOn June 17, 2022, Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. (\"JX Hainan\"), a subsidiary of the Company, entered into and executed a Framework Agreement on Strategic Cooperation (the \"Agreement\") with Hainan Douxing Cultural Media Co., Ltd. (\"Hainan Douxing\"), one of the major live stream content providers with over 30 A list live streamers and reaches over 30,000,000 followers in China. Pursuant to the Agreement, Hainan Douxing wil...