STMicroelectronics Announces $1.1B Share Buy-Back Over Three Years
Portfolio Pulse from Benzinga Newsdesk
STMicroelectronics has announced a $1.1 billion share buy-back program over three years to meet obligations related to employee stock awards and convertible bonds. The repurchased shares will be held as treasury stock and may be used for other lawful purposes if not needed for the initial purposes.
June 21, 2024 | 6:22 am
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STMicroelectronics has announced a $1.1 billion share buy-back program over three years. This move is aimed at meeting obligations related to employee stock awards and convertible bonds, with the repurchased shares held as treasury stock.
The share buy-back program is generally seen as a positive signal to the market, indicating that the company believes its shares are undervalued. This can lead to a short-term increase in the stock price as it reduces the number of shares outstanding and can improve earnings per share.
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