LightInTheBox Announces Share Repurchase Program

LightInTheBox's (NYSE: LITB) board of directors authorized a stock repurchase program on June 27, 2023. Under the program, the Company may repurchase up to US$10 million worth of its ordinary shares in the form of American Depositary Shares no later than December 31, 2023. This repurchase program complies with the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Company's insider trading policy.

Mr. Jian He, 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."

LITB's stock repurchases may be conducted through various methods, including open market purchases at prevailing market prices, open-market transactions, privately negotiated transactions, block trades, or other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and conditions of the stock repurchases will be subject to various factors, including compliance with Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Board of Directors will periodically review the stock repurchase program and may make adjustments to its terms and size, or suspend or terminate the program. LITB expects to fund the repurchases under the stock repurchase program using its existing funds.