Business
Kulicke & Soffa Announces $150 Million Accelerated Share Repurchase
SINGAPORE, March 9, 2022 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa," "K&S" or the "Company"), today announced that
About this update from Kulicke And Soffa Industries, Inc.
[{"type":"text","content":"SINGAPORE, March 9, 2022 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (\"Kulicke & Soffa,\" \"K&S\" or the \"Company\"), today announced that it has entered into an accelerated share repurchase (ASR) agreement to repurchase $150 million of the Company's common stock. The ASR agreement was entered into pursuant to Kulicke & Soffa's current $800 million repurchase authorization.\n\n \n \n \n \n \n \n\n \nKulicke & Soffa anticipates completing the transactions associated with the ASR by the end of its third fiscal quarter of 2022. At that time, the Company anticipates that approximately $340 million will remain under its current repurchase authorization. The final number of shares to be repurchased under the ASR agreement will be based on the volume-weighted average price of the Company's common stock, less a discount, during the term of the ASR.\nDuring its second fiscal quarter of 2022 through March 2, K&S deployed $24.4 million to repurchase 459.7 thousand shares. Cumulatively, since August 27, 2014 through March 2, 2022, $407.8 million has been deployed to repurchase an aggregate of 20.6 million shares under the Company's current and prior repurchase authorizations. \nKulicke & Soffa ended its first fiscal quarter on January 1, 2022 with 63.3 million diluted shares outstanding.\nAbout Kulicke & Soffa\nKulicke & Soffa (NASDAQ: KLIC) is a leading provider of semiconductor, LED and electronic assembly solutions serving the global automotive, consumer, communications, computing and industrial markets. Founded in 1951, K&S prides itself on establishing foundations for technological advancement - creating pioneering interconnect solutions that enable performance improvements, power efficiency, form-factor reductions and assembly excellence of current and next-generation semiconductor devices. \nLeveraging decades of development proficiency and extensive process technology expertise, Kulicke & Soffa's expanding portfolio provides equipment solutions, aftermarket products and services supporting a comprehensive set of interconnect technologies including wire bonding, advanced packaging, lithography, and electronics assembly. Dedicated to empowering technological discovery, always, K&S collaborates with customers and technology partners to push the boundaries of possibility, enabling a smarter future.\nCaution Conce...