Cadence Announces $100 Million Accelerated Share Repurchase Agreement
June 21 2022 - 9:00AM
Business Wire
Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced that
it has entered into an accelerated share repurchase (ASR) agreement
with Royal Bank of Canada to repurchase an aggregate of $100
million of Cadence common stock.
Under the ASR agreement, Cadence will receive an initial share
delivery of approximately 489,000 shares, with the remainder, if
any, to be settled in the third quarter of 2022 upon completion of
the repurchases. The final number of shares that Cadence will
repurchase under the ASR agreement will be based on Cadence’s daily
volume-weighted average share prices during the term of the ASR
agreement, less a discount.
About Cadence Cadence is a pivotal leader in electronic
systems design, building upon more than 30 years of computational
software expertise. The company applies its underlying Intelligent
System Design™ strategy to deliver software, hardware and IP that
turn design concepts into reality. Cadence customers are the
world’s most innovative companies, delivering extraordinary
electronic products from chips to boards to complete systems for
the most dynamic market applications, including hyperscale
computing, 5G communications, automotive, mobile, aerospace,
consumer, industrial and healthcare. For eight years in a row,
Fortune magazine has named Cadence one of the 100 Best Companies to
Work For. Learn more at cadence.com.
Forward-Looking Statements This document contains
forward-looking statements, including statements regarding the
timing and amount of shares repurchased under the ASR agreement.
Forward-looking statements are based on current expectations and
preliminary assumptions that are subject to factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These
forward-looking statements are subject to a number of risks,
uncertainties and other factors, many of which are outside
Cadence’s control, including, among others: (i) the market price of
Cadence common stock during the repurchase period; (ii) the ability
of Royal Bank of Canada to buy or borrow shares of Cadence common
stock; (iii) the impact of global and regional economic and market
conditions, including illiquidity and other risks of instability in
the banking and financial services industry; and (iv) corporate and
regulatory requirements. For a detailed discussion of other
cautionary statements related to Cadence, please refer to Cadence’s
filings with the U.S. Securities and Exchange Commission, which
include Cadence’s most recent reports on Form 10-K and Form 10-Q,
including Cadence’s future filings.
© 2022 Cadence Design Systems, Inc. All rights reserved
worldwide. Cadence, the Cadence logo and the other Cadence marks
found at www.cadence.com/go/trademarks are trademarks or registered
trademarks of Cadence Design Systems, Inc. All other trademarks are
the property of their respective owners.
Category: Financial
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Cadence Investor Relations 408-944-7100
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