Chijet Motor Announces $10M Share Buyback Program

TL;DR

Chijet Motor is buying back up to $10M in stock over the next year.

AI Summary

Chijet Motor Company, Inc. announced on May 14, 2024, that its Board of Directors has approved a share repurchase program. The company is authorized to repurchase up to $10 million worth of its ordinary shares over the next 12 months. This program reflects the Board's confidence in the company's long-term value and its commitment to enhancing shareholder returns.

Why It Matters

A share repurchase program can signal management's belief that the stock is undervalued, potentially boosting investor confidence and share price. It also returns capital to shareholders.

Risk Assessment

Risk Level: medium — Share repurchase programs can be positive, but their effectiveness depends on the company's financial health and the market conditions.

Key Numbers

• $10.0M — Share Repurchase Authorization (The maximum amount the company is authorized to spend on repurchasing its shares.)

Key Players & Entities

• Chijet Motor Company, Inc. (company) — Registrant
• $10 million (dollar_amount) — Share repurchase authorization
• May 14, 2024 (date) — Board approval date

FAQ

Filing Documents

• form6-k.htm (6-K) — 18KB
• 0001493152-24-020350.txt ( ) — 19KB

From the Filing

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2024 Commission File Number: 001-41712 Chijet Motor Company, Inc. (Registrant’s Name) No. 8, Beijing South Road Economic & Technological Development Zone Yantai, Shandong, CN-37 264006 People’s Republic of China (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F Form 40-F Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): On May 14, 2024, the Board of Directors (the “Board”) of Chijet Motor Company, Inc. (the “Company”), upon the recommendation of the nominating and corporate governance committee of the Board, appointed Wenbo Wang (“Mr. Wang”) to the Board to serve as a member of the Board and the audit committee of the Board (“Audit Committee”) to fill the vacancy created by the resignation of Mr. John Chiang. Mr. Wang will serve a member of the Board and the Audit Committee until his successor is duly elected and qualified. After considering all relevant facts and circumstances, the Board has determined that Mr. Wang qualifies as an independent director under the applicable listing standards of The Nasdaq Stock Market LLC and under the applicable rules of the U.S. Securities and Exchange Commission (the “SEC”). Mr. Wang, 50, has extensive expertise in financial management and internal control across various sectors, having held executive roles that enhanced his skills in operational management, risk control, tax planning, and investment financing. From July 2018 until present, Mr. Wang has served as Group Executive President at Century Galaxy Group, an investment company in the medical industry, where he oversees risk control and investment management. From January 2013 to June 2018, he served as Assistant President and General Manager of the Internal Control Management Center at Bybo Medical Group, a dental medical treatment services company, where he was responsible for establishing and refining the group’s risk control systems and internal auditing processes, enhancing operational efficiency and compliance. Prior to that, from July 2011 to December 2012, Mr. Wang acted as the Deputy General Manager of the Finance Department and CFO for a pre-IPO subsidiary at Tsinghua Unigroup Group, a state-owned Chinese technology and semiconductor company, where he improved financial and internal control systems and implemented effective tax planning strategies. Earlier in his career, from January 2010 to June 2011, he served as the Internal Audit Director at Synutra International Group, an infant nutrition food production company, managing compliance audits and financial system improvements in line with U.S. stock market listing requirements. Mr. Wang holds a Master of Business Administration from Tsinghua University and a Bachelor of Statistics from Shandong University of Finance and Economics. He is a Certified Public Accountant in China and a Certified Internal Auditor. Mr. Wang’s extensive experience and leadership in finance and risk management make him a valuable asset to our board. There are no family relationships between Mr. Wang and any director or executive officer of the Company. To the Company’s best knowledge, there is no understanding or arrangement between Mr. Wang and any other person pursuant to which he was appointed as the Company’s director. Additionally, there have been no transactions in the past two years to which the Company or any of its subsidiaries or affiliates was or is to be a party, in which Mr. Wang had, or will have, a direct or indirect material interest. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Chijet Motor Company, Inc. Date: May 16, 2024 By: /s/ Mu Hongwei Name: Mu Hongwei Title: President and Chief Executive Officer

View Full Filing

View this 6-K filing on SEC EDGAR