SINGAPORE, June 29,
2023 /PRNewswire/ -- LightInTheBox Holding
Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the
"Company"), an apparel e-commerce retailer that ships
products to consumers worldwide, today announced that its board of
directors (the "Board") authorized on June 27, 2023 a share repurchase program under
which the Company may repurchase up to US$10
million of its ordinary shares in the form of American
Depositary Shares no later than December 31,
2023 (the "Share Repurchase Program"), subject to the
relevant rules under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and the Company's insider
trading policy.
Mr. Jian He, the Chairman and CEO
of LightInTheBox, commented, "The implementation of our share
repurchase program reflects the confidence of the Board and
management towards the Company's strategy, operating fundamentals,
and business prospects. This repurchase program reflects our
commitment to enhance value for our shareholders."
The Company's share repurchases may be made from time to time on
the open market at prevailing market prices, in open-market
transactions, privately negotiated transactions or block trades,
and/or through other legally permissible means, depending on market
conditions and in accordance with the applicable rules and
regulations. The timing and conditions of the share repurchases
will be subject to various factors including the requirements under
Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The
Board will review the Share Repurchase Program periodically and may
authorize adjustments to its terms and size or suspend or
discontinue the program. The Company expects to utilize its
existing funds to fund repurchases made under the Share Repurchase
Program.
About LightInTheBox Holding Co., Ltd.
LightInTheBox is an apparel e-commerce retailer that ships
products to consumers worldwide. With a focus on serving its
middle-aged and senior customers, LightInTheBox leverages its
global supply chain and logistics networks, along with its in-house
R&D and design capabilities to offer a wide selection of
comfortable, aesthetically pleasing and visually interesting
apparels that bring fresh joy to customers. LightInTheBox operates
its business through www.lightinthebox.com, www.miniinthebox.com,
www.ezbuy.sg and other websites as well as mobile applications,
which are available in over 20 major languages and over 140
countries and regions. The Company is headquartered in Singapore, with additional offices in
California, Shanghai and Beijing.
For more information, please visit www.lightinthebox.com.
Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under 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," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets" and similar statements. Among other things,
statements that are not historical facts, including statements
about LightInTheBox's beliefs and expectations, the business
outlook and quotations from management in this announcement, as
well as LightInTheBox's strategic and operational plans, are or
contain forward-looking statements.
LightInTheBox may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward- looking statement, including but not limited to the
following: LightInTheBox's goals and strategies; LightInTheBox's
future business development, results of operations and financial
condition; the expected growth of the global online retail market;
LightInTheBox's ability to attract customers and further enhance
customer experience and product offerings; LightInTheBox's ability
to strengthen its supply chain efficiency and optimize its
logistics network; LightInTheBox's expectations regarding demand
for and market acceptance of its products; competition;
fluctuations in general economic and business conditions and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
LightInTheBox's filings with the SEC. All information provided in
this press release and in the attachments is as of the date of this
press release, and LightInTheBox does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Investor Relations Contact
Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@lightinthebox.com
Jenny Cai
Piacente Financial Communications
Email: lightinthebox@tpg-ir.com
Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: lightinthebox@tpg-ir.com
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SOURCE LightInTheBox Holding Co., Ltd.