VNET Announces $50 Mln ADS Buyback

(RTTNews) - VNET Group, Inc. (VNET), a carrier- and cloud-neutral internet data center services provider, on Friday announced that its Board has approved a share repurchase program of up to $50 million worth of its American depositary shares, each representing six Class A ordinary shares.

The move reflects the company's confidence in its future growth.

The share repurchase program will remain in place for up to 12 months.

The company said it is not obligated to repurchase any specific number of American depositary shares under the program, which may be modified, suspended, or terminated at management's discretion.

The firm said, any repurchased ADSs may be held as treasury shares or used for other corporate purposes, or they may be cancelled.

In the pre-market trading. VNET is 4.21% lesser at $6.15 on the Nasdaq.