WILMINGTON, DE — In a move aimed at bolstering investor confidence, InterDigital, Inc. (Nasdaq: IDCC), a mobile technology research and development company, has announced a significant increase to its existing share repurchase program. The Board of Directors has authorized the expansion of the program from approximately $235 million to a total of $300 million, effective as of December 1, 2023.
The decision on the timing and the number of shares to be repurchased will be dictated by market conditions and other factors. The company plans to use its cash resources for these repurchases. It’s important to note that while this increase showcases the company’s commitment to returning value to shareholders, it does not bind the company to make any repurchases. The program may be started or suspended at any time at the company’s discretion, without prior notice.
The mechanism for these repurchases could include open market transactions, 10b5-1 programs, block purchases, or other methods. Such buybacks are commonly used by companies to reduce the number of shares on the market, which increases the proportion of shares owned by investors and can contribute to increased stock prices.
This announcement comes amidst a period of strong performance for InterDigital. The company, known for its significant contributions to the wireless communications industry, continues to thrive in a robust market environment, and this latest move signals a positive outlook for future growth.
Investors will now be keeping a close eye on InterDigital’s actions, as the increased allocation to the share repurchase program could potentially lead to an increase in the company’s share price, benefiting shareholders in the process.
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