iRobot Announces Stock Repurchase Program
Mar 19, 2015 31 Март 2015, 11:38
BEDFORD, Mass., March 19, 2015 /PRNewswire/ - iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced that its Board of Directors has authorized a stock repurchase program. Under the program, iRobot may purchase up to $50 million of its common stock beginning May 1, 2015 and ending April 30, 2016. This plan will replace the current stock repurchase program when it ends on April 30, 2015.
Under the repurchase program, the Company is authorized to repurchase shares through Rule 10b5-1 plans (which would permit the Company to repurchase shares when the Company might otherwise be precluded from doing so under insider trading laws), open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The Company may choose to suspend or discontinue the repurchase program at any time but cannot carry over unused authorization amounts to future periods.
"The Board's authorization of a share repurchase program reflects our confidence in the health and long-term outlook of the company," said Colin Angle, chairman and chief executive officer of iRobot. "With a strong balance sheet and cash flows, we believe we can take advantage of volatile market conditions to buy back our shares while maintaining the flexibility to make strategic investments in our future."
As of February 27, 2015, iRobot had 29,527,993 shares of common stock outstanding.