SANTA
CLARA, Calif., November 9,
2022 /PRNewswire/—Tuya Inc. ("Tuya" or the "Company")
(NYSE: TUYA; HKEX: 2391), a global leading IoT cloud development
platform, today announced that its board of directors (the "Board")
has authorized a share repurchase program under which the Company
may repurchase up to US$50 million of
its Class A ordinary shares ("Ordinary Shares"), including in the
form of American depositary shares ("ADSs"), pursuant to the
general mandate granted to the Board to exercise all powers of the
Company to repurchase Ordinary Shares (including in the form of
ADSs) by the shareholders of the Company on the annual general
meeting on November 1, 2022 (the
"Share Repurchase Program"). The Share Repurchase Program will
commence on November 9, 2022 and end
on the date on which a new general repurchase mandate is granted by
the shareholders to the Board on the Company's next annual general
meeting which is due to be held by June 30,
2023 under the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited (the "Listing Rules").
Mr. Xueji (Jerry) Wang, Founder
and Chief Executive Officer of Tuya, commented, "The Share
Repurchase Program is a strong indication of the Board's confidence
in the Company's fundamentals and long-term business prospects. We
believe that the Share Repurchase Program will ultimately benefit
Tuya as well as create value for its customers and shareholders,
and our strong cash positions will enable us to continuously invest
in our technology leadership and business development."
The Company's proposed repurchases may be made from time to time
through open market transactions at prevailing market prices and/or
through other legally permissible means, depending on the market
conditions and in accordance with applicable rules and regulations.
The timing and dollar amount of the repurchase transactions will be
subject to Rule 10b-18 and/or Rule
10b5-1 requirements of the Securities and Exchange Commission (the
"SEC") and applicable requirements under the Listing Rules. The
Board will review the Share Repurchase Program periodically, and
may authorize adjustment of its terms and size or suspend or
discontinue the program. The Company plans to fund repurchases from
its existing cash balance.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading IoT cloud
development platform with a mission to build an IoT developer
ecosystem and enable everything to be smart. Tuya has pioneered a
purpose-built IoT cloud development platform that delivers a full
suite of offerings, including Platform-as-a-Service, or PaaS, and
Software-as-a-Service, or SaaS, to businesses and developers.
Through its IoT cloud development platform, Tuya has enabled
developers to activate a vibrant IoT ecosystem of brands, OEMs,
partners and end users to engage and communicate through a broad
range of smart devices.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs, and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may", "will", "expect",
"anticipate", "target", "aim", "estimate", "intend", "plan",
"believe", "potential", "continue", "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. The forward-looking statements included in
this press release are only made as of the date hereof, and the
Company disclaims any obligation to publicly update any
forward-looking statement to reflect subsequent events or
circumstances, except as required by law. All forward-looking
statements should be evaluated with the understanding of their
inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations
Email: ir@tuya.com
The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.com
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SOURCE Tuya Inc.