Daqo New Energy provides update on share repurchase program

Daqo New Energy provided an update on its $700M share repurchase program approved in 2022 and effective from November 7, 2022 to December 31, 2023. By the end of 2023, the company had repurchased 14.55M ADSs at an average price of $33.71 per ADS for a total of approximately $491M, representing approximately 70.1% of the $700M maximum amount of the share repurchase program. The number of the company’s total ordinary shares outstanding at the end of 2023 was approximately 328.8M after reflecting the completed share repurchases, compared with 391M at the end of 2022.