Entropic Announces Stock Repurchase Program
SAN DIEGO -- Entropic (Nasdaq:ENTR), a world leader in semiconductor solutions for the connected home, today announced its Board of Directors has authorized a share repurchase program under which up to $30 million worth of the Company's common stock may be repurchased.
Purchases under the repurchase program may be made until September 30, 2014, through open market or privately negotiated transactions, block trades or otherwise. Purchases will be made from time to time at Entropic's discretion and the timing and amount of any share repurchases will be determined based on share price, market conditions, legal requirements, including applicable securities laws and other factors. The share repurchase program does not obligate Entropic to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. In order to ensure compliance with Federal securities laws, the company does not anticipate repurchases to commence until after October 31, 2013.
At the end of the second quarter of 2013, Entropic had approximately 90 million shares outstanding and approximately $166 million in cash, cash equivalents and short-term investments.
Entropic Communications Inc. (Nasdaq: ENTR)