Daqo New Energy Announces $120 Million Share Buyback Program


SHANGHAI, June 1, 2022 /PRNewswire/ — Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy”, the “Company” or “we”), a leading manufacturer of high-purity polysilicon for the global solar photovoltaic industry, today announced that its Board of Directors has approved a $120 million share buyback program, valid for one year from June 1, 2022 at May 31, 2023.

The Board of Directors has authorized Daqo New Energy to purchase up to $120 million value of its own issued and outstanding common stock or depository U.S. stock representing common stock in the open market, in off-exchange negotiated transactions, in block transactions or by other legally permitted means pursuant to United States securities laws.

The repurchase program does not obligate Daqo New Energy to acquire any particular number of ordinary shares or ADSs at any given time. The Board of Directors will periodically review the share buyback program and may authorize an adjustment of its conditions and size accordingly.

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high purity polysilicon for the global solar photovoltaic industry. Founded in 2007, the company manufactures and sells high-purity polysilicon to photovoltaic manufacturers, who then process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The company has a total nameplate polysilicon capacity of 105,000 metric tons and is one of the lowest cost high purity polysilicon producers in the world.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Daqo New Energy’s stock repurchase plans contain forward-looking statements. These statements are based on management’s current expectations and current market and operating conditions and relate to events that involve known and unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the United States Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. 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. 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: demand for photovoltaic products and development of photovoltaic technologies; global polysilicon supply and demand; alternative technologies in cell manufacturing; the Company’s ability to significantly increase its production capacity and production of polysilicon; reduction or elimination of government subsidies and economic incentives for solar energy applications; the Company’s ability to reduce its production costs; changes in the political and regulatory environment; and the impact of outbreaks of COVID-19 and any other new pandemics in China and other countries, and related measures instituted by the governments concerned, on economic and market conditions. Further information regarding these and other risks is included in any report or document the Company has filed with or provided to the Securities and Exchange Commission. Daqo New Energy assumes no obligation to update forward-looking statements except as required by applicable law. All information provided in this press release is as of the date of this press release, and Daqo New Energy assumes no obligation to update such information except as required by applicable law..

For more information, visit www.dqsolar.com

Daqo New Energy Corp.
Investor Relations
Email: [email protected]

Christensen

In China
Mr. René Vanguestaine
Phone: +86 178 1749 0483
[email protected]

In the USA
M/s. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

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