Benzinga | Sep 28, 2021 12:00PM EDT

Smart Share Global Plans $50M Share Buyback Program

* Chinese consumer tech company Smart Share Global Ltd's (NASDAQ:EM) board of directors has authorized a share repurchase plan for up to $50 million of its shares over the next 12 months.

* The company expects to fund the repurchases under this program with its existing cash balance.

* Smart Share held $476.1 million in cash and equivalents as of June 30, 2021.

* Price Action: EM shares are trading lower by 0.37% at $2.69 on the last check Tuesday.