Shares of voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA) Yalla Group Limited (YALA) are rising more than 13% Friday morning after the company announced a share repurchase program of up to $150 million.
The company has decided to repurchase $150 million worth of its outstanding American depository shares, each representing one Class A ordinary share, and/or Class A ordinary shares over the next 12 months starting from May 21, 2021.
Further, the company denied fraud allegations against it by saying, “These allegations illustrated these short sellers’ lack of understanding of the Company’s business model and the feelings and sentiments within the Company’s user community. The Company affirms that it has not placed any robots into any of its chatrooms or otherwise manipulated its MAU or other operating or financial data.”
YALa, currently at $18.18, has traded in the range of $6.26- $41.35 in the past 52 weeks.
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