Cherry AG resolves on share buyback program with a volume of up to EUR 25 million

Munich, June 9, 2022 – The Management Board of Cherry AG (ISIN: DE000A3CRRN9) (“Company“) today resolved, with the consent of the Supervisory Board, to launch a share buyback program using the authorization granted by the Company‘s Annual General Meeting on June 23, 2021 (“Share Buyback Program 2022“). Within the framework of the Share Buyback Program 2022, up to a total of 2,000,000 shares (corresponding to up to 8.2 % of the existing share capital of the Company) may be repurchased from June 13, 2022, to June 30, 2023, at a total purchase price (excluding incidental acquisition costs) of a maximum of EUR 25.0 million. Any repurchases will be made by a credit institution within a contractually agreed price range; in the case of a substantial increase in the Company's share price, no or only part of the planned purchases would be made.

The shares acquired may be used for all purposes permitted under the authorization of the annual general meeting of the Company of 23 June 2021, in particular also as acquisition currency for the acquisition of enterprises or to serve employee equity incentive programs.

The share buyback will be carried out in accordance with the Safe Harbor Rules defined under Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council dated 16 April 2014 (Market Abuse Regulation), in conjunction with the provisions of the Delegated Regulation (EU) 2016/1052 of the Commission dated 8 March 2016.

The Company will announce further details separately prior to the commencement of the Share Buyback Program 2022.