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Friday, January 27, 2023

CooTek (NYSE: CTK) Confirm Share Purchase by Senior Management

CooTek (Cayman) Inc. (NYSE: CTK) confirmed that Mr. Karl Kan Zhang, CooTek’s Chairman of the Board of Directors, and Chief Technology Officer has notified the Company of his willingness to use his funds to buy up to US$3 million of the Company’s American Depositary Shares (the ADSs) over the next six months, conditional to relevant laws and the Company’s securities trading policy.

Mr. Karl Kan Zhang has consented to be entitled to lock-up limitations for at least six months concerning the proposed bought ADSs. The planned share purchase plan indicates senior management’s faith in the Company’s long-term growth and business value. Mr. Karl Kan Zhang will make his judgment about the share purchase and its terms on his own.

Furthermore, depending on market conditions and applicable rules and regulations, share acquisitions may be made on the open market at current market prices, in private placement transactions, in block trades, and/or through other legally permitted mechanisms. In addition to this, CTK has also shared unaudited financial results for the Q4 completed December 31, 2021.

As per the reported result of the Q4, the company has recorded net revenues of US$53.0 million. It represents a cut of 48% from US$102.4 million during the same period last year. The company’s gross profit stood at US$47.0 million. It represents a cut of 51% from US$95.4 million during the same period last year.

On the other hand, the company’s gross profit margin stood at 88.7%, compared with 93.1% during the same period last year. The net loss of the company stood at US$0.3 million, compared with a net loss of US$0.4 million last quarter, and a net loss of US$18.8 million during the same period last year.

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