On December 17, 2021 CASI Pharmaceuticals, Inc. (Nasdaq: CASI), (the "Company" or "CASI"), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, reported that its board of directors approved a stock repurchase program for the repurchase of up to USD 10 million of the Company’s common stock (and no more than 12,500,000 shares of the Company’s common stock) through open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 and through trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act (Press release, CASI Pharmaceuticals, DEC 17, 2021, View Source [SID1234597361]). Under any Rule 10b5-1 trading plan the Company might adopt, the Company’s third-party broker, subject to Securities and Exchange Commission regulations regarding certain price, market, volume and timing constraints, would have authority to purchase the Company’s common stock in accordance with the terms of the plan. The actual timing, number and value of shares repurchased under the stock repurchase program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. The stock repurchase program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time. The Company anticipates funding for this program to come from available corporate funds, including cash on hand and future cash flow.

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In making the announcement, Wei-Wu He, Ph.D., CASI’s Chairman, and Chief Executive Officer, commented, "We are committed to delivering value to our shareholders. We are confident in our business model and are well on course to building a leading and innovative pharmaceutical company. CASI’s mission is to bring advanced medical solutions to meet the unmet medical needs around the globe. More specifically, we are initially executing a strategy leveraging global innovations to address the unmet needs of China’s aging population. We are pleased with continued revenues and pipeline advancements across our hematology/oncology portfolio, illustrating the ongoing execution of our strategy. The Stock Repurchase Program, authorized by our board of directors, demonstrates our confidence in our short-term prospects and long-term growth strategy."

There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended, or discontinued at any time without prior notice at the Company’s discretion.