Entropic Communications Launches Share Buyback Program
Entropic Communications is aiming to boost the value of its common stock by repurchasing a chunk of outstanding shares. The company's board has authorized a buyback program for up to $30 million worth of stock. The initiative is in force until September 30 of next year, and the firm anticipates that the buybacks will begin after October 31.
They will be effected through various means, including block trades, open market buys, and privately negotiated purchases.
In the press release announcing the move, Entropic quoted its CFO David Lyle as saying that the firm's "strong balance sheet allows it to return cash to shareholders through this repurchase program while maintaining the financial flexibility to fund R&D, reinvest in the business and opportunistically pursue attractive growth opportunities."
Currently, Entropic has just over 91 million shares outstanding, and its stock most recently closed at $4.33 per share.
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