Wireless Telecom Group Announces Authorization of $4 Million Share Repurchase Program
May 12 2022 - 4:15PM
Wireless Telecom Group, Inc. (NYSE American: WTT), today
announced its Board of Directors has authorized up to $4 million
for a share repurchase program for the Company’s outstanding stock.
The authorization to repurchase expires on December 31, 2022.
Tim Whelan, CEO of Wireless Telecom Group, Inc.
stated, “With a strong balance sheet and asset light business
model, we can support organic growth initiatives and our R&D
roadmap, while returning excess capital to our shareholders. The $4
million share repurchase program represents approximately 11% of
our current market capitalization. This reflects the Board’s desire
to create value for our shareholders, as well as its confidence in
the direction we are headed and our ability to generate positive
future cash flows and improve profitability.”
Under the repurchase program, Wireless Telecom
Group, Inc. may purchase shares of its common stock through open
market transactions, privately negotiated transactions, block
purchases or otherwise in accordance with applicable federal
securities laws, including Rule 10b-18 of the Securities Exchange
Act of 1934, as amended and pursuant to any trading plan that may
be adopted in accordance with Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended. The timing and amount of any
repurchases under this program will be determined by the Company’s
management at its discretion based on a variety of factors,
including the market price of our common stock, corporate
considerations, general market and economic conditions, and legal
requirements. The program does not obligate the Company to acquire
any particular amount of stock, and the program may be discontinued
or suspended at any time at the Company’s discretion. The Company
anticipates funding for this program to come from available
corporate funds, including cash on hand and future cash flow.
About Wireless Telecom Group,
Inc.
Wireless Telecom Group, Inc.,
comprised of Boonton, CommAgility, Holzworth, and Noisecom, is a
global designer and manufacturer of advanced RF and microwave
components, modules, systems, and instruments. Serving the
wireless, telecommunication, satellite, military, aerospace, and
semiconductor industries, Wireless Telecom Group products enable
innovation across existing and emerging wireless technologies. With
a product portfolio including peak power meters, signal generators,
phase noise analyzers, signal processing modules, LTE PHY/stack
software, noise sources, and programmable noise generators,
Wireless Telecom Group supports the development, testing, and
deployment of wireless technologies around the globe. Wireless
Telecom Group, Inc.’s website address is
wirelesstelecomgroup.com.
Investor ContactAndrew M. BergerManaging
DirectorSM Berger& Company(216) 464-6400andrew@smberger.com
Marketing ContactMaria Droge: +1 (973)
386-9696Wireless Telecom Group Inc.25 Eastmans RoadParsippany, NJ
07054Tel: (973) 386-9696Fax: (973) 386-9191www.wtcom.com
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