Jonjee Hi-Tech to cancel restricted stock amid incentive plan changes

Jonjee Hi-Tech announced it will cancel 4,231,166 restricted shares previously granted under its 2024 equity incentive plan. The decision stems from the departure of 13 incentive recipients who no longer meet eligibility criteria, coupled with the company's failure to achieve the required performance targets for the first vesting period. The cancellation will reduce the company's share capital and affect 255 incentive recipients, reducing the total outstanding restricted shares to 8,003,256. The cancellation is expected to be completed by June 12, 2025, following which the company will proceed with the necessary registration changes. Jonjee Hi-Tech's board has confirmed the repurchase and cancellation align with regulatory requirements and do not infringe on the rights of incentive recipients or creditors.