On March 28, 2023 BioNTech SE (Nasdaq: BNTX, "BioNTech" or the "Company") reported that it has entered into a new share repurchase program (the "Program"), pursuant to which the Company may purchase American Depositary Shares, each representing one ordinary share ("ADS"), of the Company in the amount of up to $0.5 billion during the remainder of 2023 (Press release, BioNTech, MAR 28, 2023, View Source [SID1234629431]). BioNTech expects to use all or a portion of the repurchased ADSs and the ADSs held in treasury to satisfy upcoming settlement obligations under the Company’s share-based payment arrangements.

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The timing and total amount of ADS repurchases will depend upon market conditions and may be made in open market purchases from time to time. The share repurchase program announced on March 31, 2022 of up to $1.5bn concluded on March 17, 2023 with a total repurchase amount of $1.3bn.

The Program has been designed to operate within the safe harbor provided by Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the affirmative defense provided by Rule 10b5-1 of the Exchange Act.