Press release
Microchip Technology Announces $4.0 Billion Stock Repurchase Program
CHANDLER, Ariz., Nov. 08, 2021 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure
About this update from Microchip Technology Incorporated
[{"type":"text","content":"CHANDLER, Ariz., Nov. 08, 2021 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors has authorized the Company to purchase up to $4.0 billion of its common stock in the open market or in privately negotiated transactions including under Rule 10b-18. This new program replaces the Company’s prior program to repurchase up to 30 million shares of common stock. Microchip expects to fund repurchases through available cash flow from operations after capital expenditures and dividend payments. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and tax regulations impacting share repurchases. The repurchase program will be executed consistent with the Company’s capital allocation strategy including its cash dividend program. The repurchase program does not have an expiration date and does not obligate the Company to acquire any particular amount of shares. The repurchase program may be suspended or discontinued at any time at the Company’s discretion. Cautionary Statement: The statements contained in this release relating to our stock repurchase program are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to continued uncertainties related to the impact of the COVID-19 pandemic on the economy, our business, and the business of our customers and suppliers, actual cash flows generated from and used in the operation of our business; actual or projected levels of capital expenditures; our balance of cash and investments; changes in tax laws related to stock repurchases and any new laws which may be enacted; the impact of any significant acquisitions we may make; our ability to realize the expected benefits of our acquisitions, changes in demand or market acceptance of our products and the products of our customers and our ability to meet any continued increases in market demand; the mix of inventory we hold and our ability to satisfy short-term orders from our inventory; changes in utilization of our manu...