- China Automotive Systems Inc CAAS said its board of directors approved a share repurchase program of up to $5 million over the next 12 months.
- Repurchases will be made in open market transactions at prevailing market prices not to exceed $4.00 per share through March 30, 2023.
- "Our stock's market capitalization is well below our combined cash, cash equivalents and short-term investments, our working capital, our book value, and the valuations of a number of peer companies focused on multiple financial factors,” said CFO Jie Li.
- The company held $161.3 million in cash and equivalents as of December 31, 2021.
- Price Action: CAAS shares closed lower by 5.40% at $2.79 on Friday.
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