Rambus Initiates Accelerated Share Repurchase Program
September 12 2022 - 9:00AM
Business Wire
Rambus Inc. (NASDAQ: RMBS), a provider of industry-leading chips
and silicon IP making data faster and safer, today announced that
it initiated an accelerated share repurchase program with Wells
Fargo Bank, National Association (“Wells Fargo Bank”), to
repurchase an aggregate of approximately $100 million of its common
stock, with an initial delivery of approximately 3.1 million
shares.
“As part of our strategic approach to capital allocation, this
program demonstrates our confidence in the future growth of the
company, and highlights our continuing ability to invest in
critical products and technologies while delivering long-term value
to our stockholders,” said Luc Seraphin, president and chief
executive officer at Rambus.
Under the accelerated share repurchase program, Rambus will
pre-pay to Wells Fargo Bank the $100 million purchase price for its
common stock and, in turn, Rambus will receive an initial delivery
of approximately 3.1 million shares of its common stock from Wells
Fargo Bank within the first week of the program. The number of
shares to be purchased ultimately by Rambus will be determined
based on the volume-weighted average price of Rambus common stock
during the terms of the transaction, minus an agreed upon discount
between the parties. The program is expected to be completed within
four months.
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, Rambus’ growth potential, and the
long-term success of Rambus’ investment strategy. 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, 2022. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220912005288/en/
Nicole Noutsios Rambus Investor Relations (510) 315-1003
rambus@nmnadvisors.com
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