Audiocodes Ltd (AUDC) Adds $15M to Stock Buyback Plan
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AudioCodes (Nasdaq: AUDC) announced that its Board of Directors has approved a program to repurchase up to an additional $15 million of its Ordinary Shares, NIS 0.01 nominal value. The Company filed a motion today seeking a new court approval for repurchases of up to an additional $15 million of its Ordinary Shares. This follows the Company's most recent repurchase program pursuant to which AudioCodes repurchased $15 million of its Ordinary Shares. As of August 28, 2016, AudioCodes had approximately 33.1 million Ordinary Shares outstanding.
Share purchases will take place in open market transactions or in privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Such purchases will be made in accordance with all applicable securities laws and regulations. For all or a portion of the authorized repurchase amount, AudioCodes may enter into a plan that is compliant with Rule 10b5-1 of the United States Securities Exchange Act of 1934. The repurchase program does not require AudioCodes to acquire a specific number of shares, and may be suspended from time to time or discontinued. The share repurchases will be funded from available working capital. AudioCodes expects that the court approval process will take approximately three months.
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