GD Culture Group Authorizes Bitcoin Reserve Sale for Share Buyback Program

GD Culture Group Limited (Nasdaq: GDC) has announced that its board of directors has authorized the sale of up to 7,500 bitcoin from its reserves. This move is intended to fund a previously disclosed share repurchase program, with a maximum allocation of $100 million.

The company's management will have the discretion to execute the bitcoin sales, through various methods including direct sales or exchanges, at opportune times that align with the interests of the company and its shareholders. The proceeds from these transactions will primarily be used for the repurchase of the company's ordinary shares, alongside associated commissions and taxes.

GD Culture Group has stated that it is not obligated to complete any specific amount of bitcoin sales. The share repurchase program can be modified, suspended, or terminated at any time based on market conditions and the company's strategic considerations.

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