abrooklyn
4 months ago
Wetouch Technologies Inc. Announces $15 Million Stock Buyback Program
Source: PR Newswire (US)
CHENGDU, China, July 8, 2024 /PRNewswire/ -- Wetouch Technologies Inc. (NASDAQ: WETH) ("Wetouch" or the "Company"), a leading innovator in the global touch display industry, today announced a stock buyback program to repurchase up to $15 million of the Company's common stock.
Under the program, the Company is authorized to repurchase its shares from time to time in the open market or in privately negotiated transactions. The timing and amount of any repurchases will depend on a variety of factors, including price, trading volume, general market conditions, and other corporate considerations. The repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended, modified, or discontinued at any time without prior notice.
"We are pleased to announce this stock buyback program, which reflects our confidence in the strong and growing business of Wetouch," said Zongyi Lian, CEO of Wetouch Technologies Inc. "With over $90 million in cash and nearly $8 per share in cash, however the market capitalization is less than $30 million, we believe our stock is significantly undervalued. This buyback program represents an attractive opportunity to return value to our shareholders."
About WeTouch Technology Inc.
Wetouch Technology Inc. is at the forefront of providing premium touch display solutions, dedicated to reshaping human-machine interaction across diverse industries. With a relentless focus on innovation and customer satisfaction, Wetouch consistently delivers cutting-edge technology and unparalleled performance in touch display solutions globally.
For additional information, please visit: WeTouch Technology Inc.at http://en.usa-wetouch.com/
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook," "objective" and similar terms. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Wetouch's control, which may cause Wetouch's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to Wetouch as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Wetouch's filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Wetouch does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
Horizon Research Management Consultancy
Michael Wei,
Email: hwey@horizonconsultancy.co
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technologies-inc-announces-15-million-stock-buyback-program-302190838.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire
abrooklyn
6 months ago
Wetouch Technology Inc. Unveils Cutting-Edge Second-Generation Touchscreen Products and Receives US $15M in Orders
Source: PR Newswire (US)
CHENGDU, China, May 6, 2024 /PRNewswire/ -- Wetouch Technology Inc. (Nasdaq: WETH) proudly announces the launch of its highly anticipated second-generation touchable screen products. These innovative offerings redefine user experience with unmatched responsiveness, durability, and state-of-the-art design, solidifying Wetouch's position as an industry innovator and leader.
Mr. Tsungyi Lien, CEO of Wetouch Technology, stated:"We are thrilled to introduce our second-generation touchscreen products, which represent the culmination of years of research, development, and dedication to excellence. The overwhelming response from our clients reaffirms our commitment to delivering cutting-edge solutions that exceed expectations."
Several prominent international clients, including Siemens in Germany, as well as Canon and Sharp in Japan, have already placed orders for our latest products. These orders will contribute around US$15 million of new sales revenue for this fiscal year, emphasizing the remarkable market demand and the superior quality and performance of Wetouch's cutting-edge touchscreen solutions. The company is expecting more orders in the future.
About Wetouch Technology Inc.:
Wetouch Technology Inc. is a leading provider of innovative touchscreen solutions, dedicated to pushing the boundaries of technology to enhance user experiences across various industries. With a focus on quality, performance, and reliability, Wetouch continues to pioneer advancements in touchscreen technology, shaping the future of interactive digital interfaces worldwide.
*Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates, forecasts, and projections and involve risks and uncertainties that could cause actual results to differ materially from those anticipated. The Company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information or future events or developments.
For media inquiries, please contact:
Horizon Investor Relations
Contact: Michael Wei
Email: hwey@horizonconsultancy.co
Financial Disclosure Advisory
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technology-inc-unveils-cutting-edge-second-generation-touchscreen-products-and-receives-us-15m-in-orders-302136745.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire
abrooklyn
6 months ago
Wetouch Technology Inc. Announces $56.3M USD Revenue Guidance for FY 2024, Reflecting 41% Growth Over FY 2023
Source: PR Newswire (US)
CHENGDU, China, April 22, 2024 /PRNewswire/ -- Wetouch Technology Inc. (NASDAQ: WETH), a trailblazer in the global touch display industry, is pleased to announce its revenue guidance of $56.3 million USD for the fiscal year 2024, reflecting robust 41% growth and a resilient financial performance.
Building upon the solid foundation laid in 2023, during which Wetouch recorded revenue of $39.70 million USD and net income of $8.26 million USD, the company continues to demonstrate its commitment to driving innovation and delivering value to shareholders. This marks a notable increase of approximately 41% in revenue from the previous fiscal year.
Mr. Tsungyi Lien, CEO of Wetouch, expressed his optimism regarding the company's performance, stating, "We are enthusiastic about Wetouch's performance and growth opportunities in fiscal year 2024. With an expanding portfolio of major clients globally, we are confident that our continued commitment to innovation and customer satisfaction will drive significant value for our shareholders."
Following this positive outlook, Wetouch remains dedicated to expanding its global footprint and enhancing its product offerings to meet the evolving needs of its customers. With ongoing investments in research and development, strategic partnerships, and operational efficiency, Wetouch is poised to capitalize on emerging opportunities and maintain its leadership position in the touch display industry.
About Wetouch Technology Inc.:
Wetouch Technology Inc. is at the forefront of providing premium touch display solutions, dedicated to reshaping human-machine interaction across diverse industries. With a relentless focus on innovation and customer satisfaction, Wetouch consistently delivers cutting-edge technology and unparalleled performance in touch display solutions globally.
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar expressions. Such statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Additional information regarding these risks and other factors is included in the Company's filings with the U.S. Securities and Exchange Commission (SEC). All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements, except as required by law.
This press release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer for sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technology-inc-announces-56-3m-usd-revenue-guidance-for-fy-2024--reflecting-41-growth-over-fy-2023--302123206.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire
abrooklyn
8 months ago
Wetouch Announces Strategic Collaboration with IDEC Corporation, Elevating Presence in Japanese Touch Display Market
Source: PR Newswire (US)
CHENGDU, China, March 18, 2024 /PRNewswire/ -- Wetouch Technology Inc.(NASDAQ: WETH), a pioneering force in the global touch display industry, is proud to announce its latest milestone in establishing a robust international footprint. Through relentless dedication to innovation and customer satisfaction, Wetouch has solidified its position as a trusted provider of high-quality touch display solutions worldwide.
Building on its esteemed reputation and unwavering commitment to excellence, Wetouch has forged a strategic collaboration with IDEC Corporation, a distinguished leader in automation equipment based in Japan. IDEC's dedication to creating solutions that bridge the gap between people and machines aligns seamlessly with Wetouch's mission to deliver cutting-edge technology that enhances user experiences across various industries.
With a shared vision for advancing human-machine interaction (HMI), the official partnership between Wetouch and IDEC represents a significant milestone in the evolution of touch display technologies. This collaboration not only underscores Wetouch's continued growth and influence in the international market but also signifies a deeper penetration into the highly coveted Japanese touch display sector.
"Partnering with IDEC Corporation is a testament to Wetouch's unwavering commitment to innovation and customer-centricity," said Mr. Tsungyi Lien, the CEO of Wetouch. "We are thrilled to join forces with IDEC to deliver groundbreaking touch display solutions that will revolutionize the way people interact with technology in Japan and beyond."
IDEC Corporation, renowned for its comprehensive range of automation solutions and esteemed reputation in the field of switches, brings a wealth of expertise and credibility to the partnership. Together, Wetouch and IDEC are poised to drive advancements in HMI technology, empowering businesses and consumers alike with unparalleled touch display experiences.
The collaboration between Wetouch and IDEC Corporation heralds a new era of innovation and opportunity in the touch display industry. As both companies continue to push boundaries and elevate industry standards, customers can expect an unparalleled level of quality, reliability, and performance in touch display solutions.
For more information about Wetouch and its innovative touch display solutions, visit http://www.wetouchinc.com To learn more about IDEC Corporation and its comprehensive automation solutions, visit https://www.idec.com
About Wetouch Technology Inc.:
Wetouch is a leading provider of high-quality touch display solutions, committed to revolutionizing human-machine interaction across various industries. With a focus on innovation and customer satisfaction, Wetouch delivers cutting-edge technology and unmatched performance in touch display solutions worldwide.
About IDEC Corporation:
IDEC Corporation is a globally recognized leader in automation solutions, dedicated to creating innovative products that connect people and machines in Japan. With a diverse portfolio of automation equipment and a steadfast commitment to excellence, IDEC is shaping the future of automation technology worldwide.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Michael Wei
Horizon Research Management Consultancy
Email: hwey@horizonconsultancy.co
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-announces-strategic-collaboration-with-idec-corporation-elevating-presence-in-japanese-touch-display-market-302091545.html
SOURCE WETOUCH TECHNOLOGY INC
Copyright 2024 PR Newswire
abrooklyn
8 months ago
WestPark Capital Announces Closing of $10.8 Million Public Offering of Common Stock for Wetouch Technology Inc (Nasdaq: WETH )
Source: Business Wire
WestPark Capital, Inc., a full-service investment bank and securities broker-dealer, today announced the closing of a $10.8 Million public offering for Wetouch Technology Inc. (Nasdaq: WETH ). (“Wetouch” or the “Company”), is a Nevada company, through its wholly-owned subsidiary, and is engaged in the research, development, manufacturing, sales and servicing of projected capacitive touchscreens. The offering consisted of 2,160,000 shares of common stock at a price to the public of $5.00 per share (the “Offering”).
Proceeds from the Offering will be used for the construction of a new factory, facilities and office buildings, the purchase of two production lines in the new factory, research and development, the repayment of convertible promissory notes, and working capital and general corporate purposes.
WestPark Capital, Inc. served as lead book running manager for the Offering.
The shares of common stock described above were offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-270726) that was initially filed by the Company with the U.S. Securities and Exchange Commission (SEC) on March 21, 2023 and declared effective by the SEC on February 14, 2024. The Offering was made by means of a written prospectus that forms a part of the registration statement. A final prospectus relating to the Offering was filed with the SEC and is available on the SEC’s website located at http://www.sec.gov and may also be obtained from WestPark Capital, Inc., 1800 Century Park East, Suite 220, Los Angeles, CA 90067, tel: 310-203-2919, e-mail: jstern@wpcapital.com.
About WestPark Capital, Inc.
WestPark Capital is a full-service investment bank focused on emerging growth sectors such as healthcare, software, technology, biotechnology, financial services, manufacturing, consumer products, media and telecom industries, among other categories. WestPark Capital provides a comprehensive range of corporate finance services, including initial public offerings, follow-on offerings, private placements, CMPOs, RDs, ATM, SIPOs and corporate finance advisory services. Additional information about WestPark Capital is available at www.wpcapital.com or at info@wpcapital.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228892455/en/
WestPark Capital, Inc.
Jason Stern
info@wpcapital.com
molee
1 year ago
Taken from recent Q report : https://www.otcmarkets.com/filing/html?id=16868621&guid=xbN-kFZIIMRnJth
NOTE 15 — SUBSEQUENT EVENT
On February 17, 2023, the Board of Directors of the Company authorized a reverse stock split with a ratio of not less than one to five (1:5) and not more than one to eighty (1:80), with the exact amount and the timing of the reverse stock split to be as determined by the Chairman of the Board. On July 16, 2023, the Chairman of Company issued a certificate to determine that the reverse stock split ratio of its common stock was fixed at 1-for-20. The Company will retroactively restate the number of shares of common stock outstanding once it is implemented.
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