Audiocodes Ltd (AUDC) Approves $15M Share Buyback

AudioCodes (Nasdaq: AUDC) today announced it has received a court approval to repurchase up to an additional $15 million of its Ordinary Shares. As of October 31, 2014, AudioCodes had approximately 42.8 million Ordinary Shares outstanding. Repurchases may now resume after exhausting the initial stage of the repurchase program previously announced in August 2014. In the initial stage, AudioCodes repurchased $3 million of its Ordinary Shares.

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 that is designed to facilitate these purchases. 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 court approval will initially be valid for a period of six months.

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