BEIJING, Sept. 28, 2021 /PRNewswire/ -- Cloopen Group
Holding Limited (NYSE: RAAS) ("Cloopen" or the
"Company"), a leading multi-capability cloud-based
communications solution provider in China, today announced that its board of
directors (the "Board") has authorized a share repurchase program
under which the Company may repurchase up to US$40 million of its Class A ordinary shares in
the form of American depositary shares ("ADSs") during a
twelve-month period commencing on September
28, 2021 (the "Share Repurchase Program").
"The Share Repurchase Program is well aligned with our
commitment to maximizing value for shareholders and
reflects the Board's confidence in the Company's
continued growth and long-term prospects," said Mr. Changxun
Sun, Cloopen's Chairman of the Board and Chief Executive
Officer.
Repurchases under the program 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. The repurchases will be
subject to all applicable rules and regulations, including
Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act
of 1934, as amended, as well as the Company's insider trading
policy. The number of ADSs repurchased and the timing of
repurchases will also depend on a number of factors, including, but
not limited to, price, trading volume and general market
conditions, along with the Company's working capital
requirements, general business conditions and other
factors. 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 plans to fund the
repurchases from its existing cash balance.
About Cloopen Group Holding Limited
Cloopen Group Holding Limited is a leading multi-capability
cloud-based communications solution provider in China offering a full suite of cloud-based
communications solutions, covering communications platform as a
service (CPaaS), cloud-based contact centers (cloud-based CC), and
cloud-based unified communications and collaborations (cloud-based
UC&C). The Company's mission is to enhance the daily
communication experience and operational productivity for
enterprises. The Company aspires to drive the transformation of
enterprise communications industry by offering innovative marketing
and operational tactics and SaaS-based tools.
For more information, please visit
https://ir.yuntongxun.com.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Cloopen may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about Cloopen's
beliefs and expectations as well as its financial outlook, are
forward-looking statements. These forward-looking statements are
based on the Company's current expectations and involve factors,
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such
factors, risks and uncertainties include, but not limited to
the following: Cloopen's goals and strategies; its expectations
regarding demand for and market acceptance of its brand and
services; its ability to attract new customers or retain existing
ones; its ability to continue developing solutions and the markets
its solutions target; its ability to maintain collaborations with
mobile network operators; its ability to enhance or upgrade its
existing solutions and introduce new ones in a timely and
cost-effective manner; its ability to maintain the compatibility of
its solutions across devices, business systems and applications and
physical infrastructure; relevant government policies and
regulations relating to Cloopen's corporate structure,
business and industry, as well as the industries in which its
customers operate; and general economic and business condition in
China. Further information regarding these and other risks,
uncertainties or factors is included in the Cloopen's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and Cloopen does not undertake any obligation to
update such information, except as required under applicable
law. All forward-looking statements are qualified in their
entirety by this cautionary statement, and you are cautioned
not to place undue reliance on these forward-looking
statements.
For investor and media inquiries, please
contact:
In China:
Cloopen Group Holding Limited
Investor Relations
E-mail: ir@yuntongxun.com
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
E-mail: raas@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: raas@tpg-ir.com
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SOURCE Cloopen Group Holding Limited
