STMicroelectronics has shared its share buy-back program of up to $1,040 million to be executed within a 3-year period (subject to shareholder and other approvals from time to time).
The share buy-back program will be carried out in accordance with the authorisation of the Supervisory Board and the provisions of the Market Abuse Regulation (EU) 596/2014 and Commission Delegated Regulation (EU) 2016/1052.
The Company intends to carry out the buy-back program, and hold the shares bought back as treasury stock, for the purpose of meeting the Company’s obligations in relation to its employee stock award plans and to support the potential settlement of its outstanding convertible bond. As of June 28, 2021, the Company holds approximately 8 million treasury shares, representing approximately 0.9 percent of its issued share capital.
The Company will appoint one or more brokers to execute the share buy-back program in accordance with all applicable regulations. The brokers will make their decisions relating to the purchase of Company shares independently, including with respect to the timing of any purchases, and all purchases effected will be in compliance with daily limits on prices and volumes.
The Company’s closing share price on the New York Stock Exchange on June 30, 2021, was $36.38 and, at such price, the maximum number of shares that could be acquired for $1,040 million would be approximately 28.6 million, which represents approximately 3.1 percent of the Company’s issued share capital. Purchases of shares will be made on one or more trading venues, which may include the regulated market of Euronext Paris, the Mercato Telematico Azionario organised and managed by Borsa Italiana S.p.A. and the New York Stock Exchange.
Transactions in Period
|Dates of transaction||Number of shares purchased||Weighted average purchase price per share (EUR)||Total amount paid (EUR)||Market on which the shares were bought (MIC code)|
|Total for Period||184,030||35.1075||6,460,830.06|