SAN JOSE, Calif., Oct. 22, 2015 /PRNewswire/ -- Cypress
Semiconductor Corp. (Nasdaq: CY) today announced a new $450 million stock repurchase program for
Cypress's common stock. Credit Suisse is providing a $400 million financing commitment (subject to
customary terms and conditions) to fund the share repurchase
program. The new authorization replaces the $400 million repurchase program authorized in
September 2011, which was terminated
by the Company in connection with the approval of the new program.
Under the September 2011 program, the
company repurchased $327 million of
Cypress stock. The new authorization allows Cypress to purchase its
common stock directly or to enter into equity derivative
transactions related to its common stock.
The timing and actual number of shares repurchased will depend
on a variety of factors including the market price of the company's
common stock, regulatory, legal, and contractual requirements,
corporate cash generation and other market conditions and factors.
The program does not obligate Cypress to repurchase any particular
amount of common stock and the program may be modified or suspended
at any time without prior notice at the discretion of Cypress's
board of directors and in compliance with legal and regulatory
requirements.
At the end of the third quarter of 2015, Cypress had
approximately 363 million fully diluted shares outstanding.
About Cypress
Cypress (NASDAQ: CY) delivers high-performance, high-quality
solutions at the heart of today's most advanced embedded systems,
from automotive, industrial and networking platforms to highly
interactive consumer and mobile devices. With a broad,
differentiated product portfolio that includes NOR flash memories,
F-RAM™ and SRAM, Traveo™ microcontrollers, the industry's only
PSoC® programmable system-on-chip solutions, analog and
PMIC Power Management ICs, CapSense® capacitive
touch-sensing controllers, and Wireless BLE Bluetooth®
Low-Energy and USB connectivity solutions, Cypress is committed to
providing its customers worldwide with consistent innovation,
best-in-class support and exceptional system value. To learn more,
go to www.cypress.com.
Forward-Looking Statements
Statements in this press release regarding the company's
intention to repurchase shares of its common stock from time to
time under the stock repurchase program and and the source of
funding for the repurchase program are forward-looking statements
that are subject to risks and uncertainties. There are a number of
important factors that could cause actual events to differ
materially from those suggested or indicated by such
forward-looking statements. These include, among others, the market
price of the company's stock prevailing from time to time, the
nature of other investment opportunities presented to the company
from time to time, the company's cash flows from operations,
general economic conditions, and other factors discussed under Item
1A. "Risk Factors," in Cypress's Annual Report on Form 10-K for the
fiscal year ended December 28, 2014,
Cypress's Quarterly Report on Form 10-Q for the quarter ended
June 28, 2015, and other reports
filed by Cypress with the Securities and Exchange Commission.
Please read the "Risk Factors" and other cautionary statements
contained in these filings. The company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, the occurrence of certain events or
otherwise. As a result of these risks and others, actual results
could vary significantly from those anticipated in this press
release, and Cypress's financial condition and results of
operations could be materially adversely affected.
Cypress, the Cypress logo, PSoC and CapSense are registered
trademarks and F-RAM and Traveo are trademarks of Cypress
Semiconductor Corp. All other trademarks are property of their
owners.
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SOURCE Cypress Semiconductor Corp.