KongZhong Corporation (KONG) Increases Buyback By $5M To $15 Million
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KongZhong Corporation (Nasdaq: KONG) announced that its Board has authorized the Company to amend its share repurchase plan, which was initially announced on October 27, 2008, to purchase up to $15 million worth of the Company's American Depositary Shares (ADSs), compared to $10 million as originally authorized.
The share repurchase plan calls for the ADSs to be purchased in the open market or through other means from time to time depending upon market conditions, the market price of Company's ADSs and the management's assessment of the Company's liquidity and cash flow needs. KongZhong expects to finance the purchases from existing and future cash reserves. TAs part of the Company's share repurchase plan, the Board of Directors has authorized the Company to purchase 1.3 million ADSs from an individual shareholder of the Company.
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