Yongye International Inc ( NASDAQ: YONG ), company announced that company's chairman and CEO Mr Zishen Wu, to purchase common stock of worth $3 million. Stock jumped as much as 50 % in the premarket trade. Volumes are quiet stronger and stock move will be considered as a breakout.
Below is the Press Release:
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| Yongye International Inc |
Yongye International, Inc. (NASDAQ: YONG), a leading agricultural nutrient company in China ("Yongye" or the "Company"), announced today that Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International, intends to purchase up to $3.0 million worth of shares of the Company's Common Stock in open market transactions.
Yongye is in the process of setting up a Rule 10b5-1 plan. The purchases will be made subject to restrictions on price, volume, timing, applicable legal requirements, and other factors. Transactions under this plan will be disclosed publicly through filings with the Securities and Exchange Commission.
Mr. Wu commented, "This share purchase program demonstrates my confidence in Yongye International and reflects my commitment to increasing shareholder value. I believe that our Company's shares are currently undervalued, and I am planning to invest my own funds to support this belief."
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