Alliance Fiber Optic (AFOP) Announces $6 Million Buyback Plan
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Alliance Fiber Optic Products, Inc. (Nasdaq: AFOP) today announced that its board of directors has approved a stock repurchase program under which it will begin purchasing up to six million dollars of its outstanding shares of Common Stock. The duration of the repurchase program is open-ended.
Under the program, AFOP could purchase shares of Common Stock from time to time through open market and privately negotiated transactions at prices depending on prevailing market conditions and other factors. The program does not obligate AFOP to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. The repurchase will be funded by cash on hand.
Under the program, AFOP could purchase shares of Common Stock from time to time through open market and privately negotiated transactions at prices depending on prevailing market conditions and other factors. The program does not obligate AFOP to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. The repurchase will be funded by cash on hand.
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