Rambus Initiates $100 Million Accelerated Share Repurchase Program
11 Agosto 2023 - 10:00AM
Business Wire
Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP
provider making data faster and safer, today announced that it
initiated an accelerated share repurchase program with Royal Bank
of Canada, through its agent RBC Capital Markets, LLC to repurchase
an aggregate of approximately $100 million of its common stock.
“This program is part of our strategic approach to capital
allocation and demonstrates our confidence in the long-term growth
of the company,” said Luc Seraphin, president and chief executive
officer at Rambus. “Our robust balance sheet and strong cash
generation allow us to consistently deliver value to our
stockholders.”
Under the accelerated share repurchase program, Rambus will
pre-pay $100 million to Royal Bank of Canada and receive an initial
delivery of approximately 1.6 million shares of its common stock
within the first week of the program. The final number of shares to
be repurchased will be determined based on the volume-weighted
average price of Rambus common stock during the terms of the
transaction, less a discount. The program is expected to be
completed by the end of the third quarter of 2023.
The accelerated share repurchase program is part of the broader
share repurchase program previously authorized by the Rambus Board
of Directors.
About Rambus Inc.
Rambus is a provider of industry-leading chips and silicon IP
making data faster and safer. With over 30 years of advanced
semiconductor experience, we are a pioneer in high-performance
memory subsystems that solve the bottleneck between memory and
processing for data-intensive systems. Whether in the cloud, at the
edge or in your hand, real-time and immersive applications depend
on data throughput and integrity. Rambus products and innovations
deliver the increased bandwidth, capacity and security required to
meet the world’s data needs and drive ever-greater end-user
experiences. For more information, visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the
Private Securities Litigation Reform Act of 1995 relating, among
other things, to the terms of Rambus’ accelerated share repurchase
program, including timing. Such forward-looking statements are
based on current expectations, estimates and projections,
management’s beliefs and certain assumptions made by Rambus’
management. Actual results may differ materially. The
forward-looking statements contained in this press release are
subject to risks and uncertainties, including those more fully
described in Rambus’ Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2023. The forward-looking statements in this
press release are based on information available to Rambus as of
the date hereof, and Rambus undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date hereof.
Related Links
https://www.rambus.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20230811599166/en/
Nicole Noutsios Rambus Investor Relations (510) 315-1003
rambus@nmnadvisors.com
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