MacMic Technology's board of directors has approved a proposal to change the use of repurchased shares. The company plans to cancel 769,030 repurchased shares and reduce its registered capital, instead of using them for equity incentives or employee stock ownership plans as originally intended. The shares to be cancelled account for 0.35% of the company's current total share capital of 216,679,393 shares. After the cancellation, the total share capital will decrease to 215,910,363 shares. The company stated that this move aims to protect investor interests and enhance market confidence, and will help increase earnings per share. It will not have a material adverse impact on operations or financial condition, nor will it affect the company's listing status.
Macmic Science & Technology Co LtdCancelling repurchased shares reduces share count, boosting EPS and signaling confidence to investors.