UCASU launches a 12-month stock buyback program

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Jan 11, 2024, 10:00 ET

ATLANTA, Jan. 11, 2024 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) announces today that the company has filed with SEC to formally launch its stock buyback program.

In a Form 1-U filed by the company, it states as follows:

"On January 10, 2024, the general partner of our company authorized and approved a share repurchase program of our current outstanding common units, over a period of 12 months, through open market purchases, for an unspecific total amount no more than the net income of the company during the fiscal year of 2023, at unspecific prices no more than the lowest ask price at the time of execution of a purchase."

"Since our incorporation in the year 2016, we have built a solid business model, and have been reporting profits in most of the years. We have also made two dividend distributions, of which the recent one was executed in the year 2023, at $0.10 per share," says Larry Wu, founder of UC Asset. "However, the trading activity of our common shares, as far as we observe and understand it, has not always shown consistent correlation to our profitability."

"For the common interest of our shareholders, the management have decided that we should use part of our net cash inflow to buy back our stocks," declares Wu.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies. For more information about UC Asset, please visit: www.ucasset.com

Disclaimer:

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SOURCE UC Asset LP