SAN JOSE, Calif., March 1, 2024 – Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that it initiated an accelerated share repurchase program with Royal Bank of Canada, through its agent RBC Capital Markets, LLC (“Dealer”) to repurchase an aggregate of approximately $50 million of its common stock.
“As part of our ongoing capital allocation strategy and commitment to increasing stockholder value, this share repurchase program reflects the strength of our balance sheet and cash generation, and demonstrates our continued confidence in the long-term growth of the company,” said Luc Seraphin, president and chief executive officer at Rambus.
Under the accelerated share repurchase program, Rambus will pre-pay $50 million to Dealer and receive an initial delivery of approximately 675,000 shares of its common stock within the first week of the program. The final number of shares to be repurchased will be determined based on the volume-weighted average price of Rambus common stock during the terms of the transaction, less a discount. The program is expected to be completed by the end of the first quarter of 2024.
The accelerated share repurchase program is part of the broader share repurchase program previously authorized by the Rambus Board of Directors.
