LightInTheBox Holding Co.,Ltd. (NYSE: LITB) today announced that its board of directors (the "Board")authorized on December12, 2019 a share repurchase program under which the Company may repurchase up to US$3 million of its ordinary shares in the form of American Depositary Shares no later than June28, 2020 (the "Share Repurchase Program"), subject to the relevant rulesunder the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Company's insider trading policy. The Share Repurchase Program was executed on December 23, 2019.
Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, "The implementation of our share repurchase program reflects the confidence of the Board and management towards the Company's strategy, operating fundamentals, and business prospects. This repurchase program reflects our commitment to enhance value for our shareholders."
The Company's share repurchases may be made from time to time on the open market at prevailing market prices, in open-market transactions, privately negotiated transactions or block trades, and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rulesand regulations. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule10b-18 and Rule10b5-1 of the Exchange Act. The Board will review the Share Repurchase Program periodically and may authorize adjustments to its terms and size or suspend or discontinue the program. The Company expects to utilize its existing funds to fund repurchases made under the Share Repurchase Program.