Rubicon Technology Announces a $3 Million Stock Repurchase Plan
December 16 2020 - 8:05AM
Rubicon Technology, Inc. (“RTI”) (NASDAQ: RBCN) had previously
implemented a stock repurchase plan to repurchase up to $3 million
of its common stock in November 2018. In July 2020, RTI used
up all of the remaining amount of such initial $3 million
authorization. Today, RTI announced that its Board of
Directors has authorized another stock repurchase plan to purchase
up to an additional $3 million of its common stock from time to
time through open market and private transactions. The
timing, price and volume of repurchases will be based upon market
conditions, relevant securities laws and other factors. The stock
repurchase plan expires on December 18, 2022 and may be terminated,
suspended or modified at any time. There can be no assurance
as to the number of shares of common stock repurchased by RTI.
“With the sale last week by RTI of its ownership
in Rubicon Sapphire Technology (Malaysia) SDN BHD, the liquidation
of all of RTI’s material excess assets and the consolidation of our
operating facilities, is now complete. In our opinion, shares
of Rubicon’s common stock are currently trading at a discount to
its intrinsic value and it is a good use of our capital to
repurchase our common stock at favorable prices,” said Timothy
Brog, Rubicon’s Chief Executive Officer.
About Rubicon Technology,
Inc.
Rubicon Technology Worldwide LLC, a wholly owned
subsidiary of RTI, is an advanced materials provider specializing
in monocrystalline sapphire products for optical systems and
specialty electronic devices. Rubicon has a proprietary technology
platform and expertise extending from the preparation of raw
aluminum oxide through sapphire crystal growth and fabrication,
enabling Rubicon to supply custom sapphire products with superior
quality and precision. Rubicon is ISO 9001 certified and ITAR
registered.
Rubicon DTP LLC, dba Direct Dose Rx, is also a
wholly owned subsidiary of RTI. Direct Dose Rx is a
specialized pharmacy that provides prescription medications,
over-the-counter drugs and vitamins to patients being discharged
from skilled nursing facilities and hospitals and directly to
retail customers who want such medications delivered to their home.
The delivered products are sorted by the dose, date and time to be
taken and come in easy to use perforated strip-packaging as opposed
to separate pill bottles. Direct Dose Rx is currently licensed to
operate in multiple states. The services offered by Direct Dose Rx
benefits patients, skilled nursing facilities and hospitals by
reducing the risk of hospital readmissions.
Rubicon is also exploring various alternatives
to enhance stockholder value, including potentially through
acquiring an existing business, establishing a new venture, or
other investment opportunities in order to utilize Rubicon’s
substantial net operating losses.
Forward-Looking Statements
Some statements included in this news release
are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Exchange Act, and, therefore, involve
uncertainties or risks that could cause actual results to differ
materially therefrom. These statements may contain words such
as “desires,” “believes,” “opinion,” “anticipates,” “plans,”
“expects,” “intends,” “estimates,” “seeks,” “explores” or similar
expressions. These statements are not guarantees of the
Company’s future performance and are subject to risks,
uncertainties and other important factors that could cause actual
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. Such
statements include, but are not limited to, the pursuit or
completion of any acquisition, sale, venture transaction or
investment opportunity, or the Company’s ability to maximize the
value of its sapphire business, real estate or excess assets,
utilize its net operating losses or to enhance stockholder value.
Additional information regarding factors that could cause results
to differ materially from management’s expectations are found in
the section entitled “Risk Factors” in the Company’s 2019 Annual
Report on Form 10-K filed with the SEC on March 23, 2020,
and as amended on April 29, 2020. The Company intends that the
forward-looking statements included herein be subject to the
above-mentioned statutory safe harbors. Investors are cautioned not
to rely on forward-looking statements. The Company disclaims
any obligation to update forward-looking statements.
Contact:Rubicon Technology,
Inc.Timothy E. BrogChief Executive Officer(847)
295-7000
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