Full Truck Alliance Co. Ltd. (NYSE:YMM) shares are trading higher in the premarket session on Wednesday after the firm announced an extension of its share repurchase program.
The company said it may repurchase up to approximately $300 million of its American depositary shares, each representing 20 Class A ordinary shares and ordinary shares, through March 12, 2025.
Upon review of the results of operations, business development plan, capital requirements, and cash position, the company said its Board is confident in its business performance and outlook.
Accordingly, on March 13, 2024, the board declared an annual cash dividend for the year ended December 31, 2023, of $0.0072 per ordinary share, or $0.1444 per ADS.
The dividend is payable on or around April 19, 2024, to holders of record at the close of business on April 5, 2024. The aggregate amount of the dividend is expected to be approximately $150 million.
In its quarterly report, Full Truck Alliance said it expects total net revenues to be between RMB2.11 billion and RMB2.16 billion, representing a year-over-year growth rate of ~23.9% to 27.1%.
"Moving through 2024, we will take a more active stance toward user acquisition to broaden our high-quality user base. Concurrently, we will further enrich our products and services to address users' evolving needs and improve our freight matching efficiency," Full Truck Alliance CFO Simon Cai said recently.
Price Action: YMM shares are trading higher by 10% to $7.66 premarket on the last check Wednesday.
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