LIZHI (LIZI) Announces $3M Share Buyback

LIZHI INC. (NASDAQ: LIZI), an audio-based social and entertainment platform, today announced that its board of directors (the “Board”) has approved a share repurchase program whereby LIZHI is authorized to repurchase its Class A ordinary shares (including Class A ordinary shares in the form of American depositary shares) with an aggregate value of up to $3 million over the next 12-month period, starting from today.

Mr. Jinnan (Marco) Lai, founder, CEO and Chairman of the Board of LIZHI, said, “The share repurchase program reaffirms our confidence in the long-term growth prospects of all of LIZHI’s businesses as well as the market potential in the global audio and social networking industry. We are committed to delivering value to each of our stakeholders while retaining the flexibility to drive future growth. Moving forward, we will work relentlessly to execute our global expansion strategy, explore potential commercialization opportunities, build an increasingly competitive business ecosystem, and ultimately create greater value for our shareholders, users, and society at large.”

The proposed share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The number of ADSs repurchased and the timing or conditions of repurchases may depend on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with LIZHI’s working capital requirements and general business conditions, and will be in accordance with applicable rules and regulations. Repurchase transactions will be subject to applicable rules of Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. LIZHI plans to fund the repurchases out of its existing cash balance or future cash generated by operating activities.

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