Sungy Mobile Limited Buyback
OLI recorded this information on 8/12/2014
Sungy Mobile Limited
Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that the board of the Company has approved a share repurchase program whereby Sungy Mobile may purchase its own American depositary shares ("ADSs") with an aggregate value of up to US$20 million. The Company expects to fund the repurchase out of its existing cash balance, including cash generated from operations. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.
Sungy Mobile is provider of mobile internet products and services globally with a focus on applications and mobile platform development. Co.'s platform product, GO Launcher EX, manages apps, widgets and functions on Android smartphones and serves as users' first entry point to their phones. Co. has developed a portfolio of GO series products which include its launcher products and a broad range of other GO series apps and widgets that provide rich functionality, enhanced performance and extensive personalization for Android smartphones. Co. has created and continued to expand a GO platform that is built upon GO Launcher EX and integrates all of its GO series products.
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Buy (3.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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