CMST will repurchase and cancel 4.87 million restricted shares

CMST Development Co., Ltd. announced that due to the failure to meet the conditions for the third release of the restricted stock under the "Incentive Plan" and the retirement of some incentive recipients, it will repurchase and cancel 4,872,998 shares of restricted stock, with the cancellation date set for August 21, 2025. The relevant indicators for the 2024 fiscal year did not meet the performance assessment conditions, and the third batch of restricted stocks cannot be released from restrictions; 3 incentive recipients have retired and no longer qualify, and the portion of restricted stock they have been granted will also be repurchased. After this repurchase and cancellation is completed, the remaining equity incentive restricted stock will be 0 shares. The company stated that the decision-making process and information disclosure are compliant, and it promises that the relevant information is true and accurate. Lawyers believe that this repurchase and cancellation is legal and valid