Ceva, Inc. Expands Share Repurchase Program
Ceva, Inc. (NASDAQ: CEVA) has taken a significant step to enhance its commitment to shareholder value by expanding its existing share repurchase program. The company's Board of Directors has authorized the repurchase of an additional 700,000 shares of common stock. This expansion comes in the wake of Ceva having approximately 356,000 shares remaining under its previous repurchase plan, thus bringing the total available for repurchase to about 1,056,000 shares.
CEO Commentary on the Repurchase Program
Amir Panush, CEO of Ceva, stated, "The expansion of our share repurchase program signifies the unwavering confidence that our management and Board of Directors have in the robust performance of Ceva and our well-defined long-term strategy aimed at sustainable growth. The strength of our balance sheet empowers us to pursue both organic and non-organic growth opportunities while concurrently returning capital to our shareholders."
Share Repurchase Mechanism
The repurchase of shares under this program will occur in accordance with Rule 10(b)-18 of the Securities Exchange Act of 1934, notably during periods when the company's trading window is open. The shares may be repurchased in the open market or through privately negotiated transactions, depending on a variety of factors including market conditions, share price, and trading volume.
About Ceva, Inc.
Ceva, Inc. is recognized as a leading licensor of silicon and software intellectual property (IP) that facilitates Smart Edge devices, enabling them to connect and process data efficiently. The company focuses on delivering advanced technology solutions, driving innovation in the smart edge, wireless communications, and Edge AI sectors.
Ceva's cutting-edge technologies lie at the heart of many advanced smart edge products today, catering to a myriad of applications ranging from Bluetooth and Wi-Fi connectivity to sophisticated Edge AI processing capabilities. The company boasts an extensive portfolio that allows it to deliver differentiated solutions characterized by exceptional performance and low power consumption within a compact silicon footprint.
With their solutions integrated into more than 18 billion products globally, Ceva is a key player in sectors such as AI-infused wearables, IoT devices, and autonomous vehicles, as well as the expansive 5G mobile network landscape. Their vision is clear: to provide the innovative silicon and software that enable a smarter and more interconnected world.
Global Presence and Commitment
Ceva is headquartered in Rockville, Maryland, and serves a diverse, global customer base. The company prides itself on employing some of the brightest minds in the industry, continually solving complex design challenges to facilitate the development of innovative smart edge products.
Moreover, Ceva is committed to sustainability and corporate responsibility. They emphasize their Code of Business Conduct and Ethics and actively focus on environmental preservation, recycling efforts, and the overall welfare of their employees. Their dedication to social responsibility and ethical practices embodies their core values and mission.
Frequently Asked Questions
What is the reason for Ceva, Inc.'s share repurchase program expansion?
The expansion is to showcase the company's confidence in its performance and long-term growth strategy while providing value to shareholders.
How many total shares are available for repurchase after the expansion?
After the expansion, approximately 1,056,000 shares of common stock are available for repurchase.
How will the shares be repurchased under the program?
Shares may be repurchased in the open market or through privately negotiated transactions in accordance with market conditions and regulations.
Where is Ceva, Inc. headquartered?
Ceva, Inc. is headquartered in Rockville, Maryland.
What is Ceva's focus in terms of technology?
Ceva focuses on silicon and software IP solutions that empower Smart Edge devices, including wireless connectivity and Edge AI technologies.
