BEIJING and DALLAS, January 6, 2015 /PRNewswire/ – NQ Mobile, Inc. (“NQ Mobile” or the “Company”) (NYSE: NQ), a leading global provider of mobile internet services, today provided an update to its previously announced buyback program and management purchase commitment. Dr. Vincent Wenyong Shi, NQ Mobile’s Chairman, Co-Founder and Acting Chief Financial Officer, along with other members of its senior management, established a 10b5-1 plan to purchase up to a total of approximately $4 million worth of ADSs in open market transactions. According to this plan established on December 31, 2014, a total of 239,500 ADSs were purchased on Monday January 5, 2015 at an average price of approximately $4.14 per ADS for a total amount of approximately $991,000.
Due to NQ Mobile’s status as a foreign private issuer, purchases of shares by its executive officers cannot be filed using Form 4 with the Securities and Exchange Commission (“SEC”). As such, the Company has provided details of the purchases made on Monday January 5, 2015 in the content of this press release.
In addition, the Company was able to purchase stock in open market transactions in excess of $10 million in principal amount during the open trading window pursuant to its previously announced buyback authorization. The Company also established a 10b5-1 plan to remain in effect during the closed trading window associated with the closing of the fourth quarter. All specific details of the Company’s buyback activity and management purchases going forward will be reported on its regular quarterly financial reports.
About NQ Mobile
NQ Mobile Inc. (NYSE: NQ) is a leading global provider of consumer and enterprise mobile Internet services. NQ Mobile’s portfolio of offerings includes mobile security and productivity, mobile search, mobile games & advertising applications for the consumer market and consulting, mobile platforms, and mobility management services for the enterprise market. NQ Mobile maintains dual headquarters in Dallas, Texas, USA and Beijing, China. For more information on NQ Mobile, please visit http://www.nq.com
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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” and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
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