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Check Point Software Technologies Announces $2.0 Billion Expansion of Share Repurchase Program
SAN CARLOS, Calif., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP) today announced that its board of directors has
About this update from Check Point Software Technologies Ltd.
[{"type":"text","content":"SAN CARLOS, Calif., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP) today announced that its board of directors has authorized a $2.0 billion expansion of the company’s on-going share repurchase program. Under the extended share repurchase program, Check Point is authorized to continue repurchasing its shares up to $325 million each quarter. As of December 31, 2022, Check Point had approximately 120.8 million ordinary shares outstanding, and since the beginning of the share repurchase program, Check Point has repurchased approximately 204 million shares for a total purchase price of approximately $13 billion. The updated plan extends the company’s existing repurchase program from August 2021, which is expected to be completed during the second quarter of 2023. Under the extended repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or by other means in accordance with applicable securities laws and regulations. The actual timing, number and value of the shares repurchased will depend on market conditions, share price, trading volume and other factors. For all or a portion of the authorized repurchase amount, Check Point may enter into a plan that is compliant with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 that is designed to facilitate these purchases. The repurchase program does not require Check Point to acquire a specific number of shares and may be suspended from time to time or discontinued. The share repurchases are expected to be funded from available working capital. About Check Point Software Technologies Ltd. Check Point Software Technologies Ltd. (https://www.checkpoint.com/) is a leading provider of cyber security solutions to corporate enterprises and governments globally. Check Point Infinity´s portfolio of solutions protects enterprises and public organizations from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware, and other threats. Infinity comprises four core pillars delivering uncompromised security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled...