Weibo Corporation("Weibo" or the "Company") (Nasdaq:WBand HKEX: 9898), a social media platform in China, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$500 million of its American depositary shares over the next 12 months, ending onMarch 31, 2023.
The share repurchases may be effected from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and will be implemented in accordance with applicable rules and regulations. The Company expects to fund the repurchases out of its existing cash balance.
Weibo shares jumped 4% in premarket trading.
