AudioCodes, a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced that it has received Israeli court approval to repurchase up to an additional $30 million (“Permitted Amount”) of its Ordinary Shares, NIS 0.01 nominal value.
The share repurchases will be funded from available working capital. The court approval also permits the Company to use any portion of the Permitted Amount to declare a dividend, instead of effecting share repurchases, during the period covered by the court approval. The approval is valid through July 19, 2021.
Any share purchases may 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 does not commit the Company to repurchase any shares or declare any cash dividends, and there can be no assurance that the Company will decide to effect repurchases or declare cash dividends payable to its shareholders.