Smart Share Global Ltd. (EM) Announces $50M Stock Buyback

Smart Share Global Limited (NYSE: EM), a consumer tech company providing mobile device charging service, today announced that its board of directors has authorized a share repurchase plan under which the Company may repurchase up to US$50 million of its shares over the next 12 months.

The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the “SEC”) Rule 10b-18 and/or Rule 10b5-1 requirements. The Board will review the Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to fund the repurchases under this program with its existing cash balance.

“The Share Repurchase Program reflects our confidence in the long-term prospect of the Company,” said Mars Guangyuan Cai, Chairman and Chief Executive Officer. “We continue to remain focused on our operations and have recently signed key accounts in the amusement park, retail and chain restaurant industries. We also recently expanded our coverage network with the launch of our service in a variety of popular locations in Macau, China. By continuing to offer industry leading service capabilities and expanding our coverage network, we are confident that we will continue expanding our market share as the number one player in China’s mobile device charging service industry.”

“The fundamentals of the Company remain solid even as we are impacted by COVID-19 outbreaks,” said Maria Yi Xin, Chief Financial Officer. “During September, our operations continued to recover from the July COVID-19 outbreak and we continued to maintain a healthy cash balance. Our competitive advantages in operational excellence, network effect, technology and brand continue to help us accelerate our market leadership position compared to our peers. Going forward, these advantages will help us continually deliver value for our users, location partners, network partners and shareholders.”

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