Harmonic Inc. announced that its board of directors has authorized a stock repurchase program under which the company may repurchase up to $100 million of its outstanding shares of common stock through February 2025. The company intends to fund the share repurchases from cash on hand and cash generated from operations.
“Harmonic is committed to strategically deploying capital where we believe it can generate value for our shareholders,” said Patrick Harshman, president and chief executive officer of Harmonic. “This repurchase program is consistent with that commitment and demonstrates our confidence in our balance sheet and in the future growth of the company.”
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Repurchases under the program may be made from time to time through open market purchases and 10b5-1 trading plans, in accordance with applicable securities laws. The timing and amount of any repurchases will depend on a variety of factors, including the price of Harmonic’s common stock, market conditions, corporate needs and regulatory requirements. The stock repurchase program does not commit Harmonic to acquire any particular amount of its common stock, and the program may be amended, suspended or discontinued at any time at the company’s discretion.
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