Magic Empire Global Limited Announces US$2 Million Share Repurchase Plan
September 13 2023 - 9:15AM
Magic Empire Global Limited (NASDAQ: MEGL) (“MEGL”, or the
“Company”) announced that its board of directors has authorized a
share repurchase plan under which the Company may repurchase up to
US$2 million of its shares over the next 12 months. The share
repurchases may be made from time to time in 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 in accordance with applicable
securities laws and regulations, including Rule 10b-18 under the
Securities Exchange Act of 1934, as amended. The Company expects to
fund repurchases made under this plan from its existing funds. The
timing and amount of the share repurchases made pursuant to the
program will be decided by the Company based on its evaluation of
market conditions and be subject to various factors, including the
Company’s capital position, liquidity, financial performance and
alternative uses of capital, stock trading price, regulatory
requirements and general market conditions. This repurchase
authorization does not obligate the Company to acquire any specific
number of shares or securities and may be modified, suspended or
discontinued at any time. MEGL’s board of directors will review the
share repurchase plan periodically, and may authorize adjustment of
its terms and size.
About Magic Empire Global
Limited
Magic Empire Global Limited is a financial
services provider in Hong Kong which principally engage in the
provision of corporate finance advisory services and underwriting
services. Its service offerings mainly comprise (i) IPO sponsorship
services; (ii) financial advisory and independent financial
advisory services; (iii) compliance advisory services; and (iv)
underwriting services. For more information, visit the Company’s
website at http://www.meglmagic.com.
Safe Harbor Statement
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as “may,” “will,” “expect,” “anticipate,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“potential,” “continue” or other similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC, which are available for review at
www.sec.gov.
Hong Kong:
Magic Empire Global LimitedMs. Vivien TaiTel:
+852 3577 8770E-mail: meglir@giraffecap.com
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