{"id":508613,"date":"2021-07-01T02:03:10","date_gmt":"2021-07-01T06:03:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/stmicroelectronics-announces-launch-of-share-buy-back-program\/"},"modified":"2021-07-01T02:03:10","modified_gmt":"2021-07-01T06:03:10","slug":"stmicroelectronics-announces-launch-of-share-buy-back-program","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/stmicroelectronics-announces-launch-of-share-buy-back-program\/","title":{"rendered":"STMicroelectronics Announces Launch of Share Buy-back Program"},"content":{"rendered":"
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\n STMicroelectronics Announces Launch of\u00a0Share Buy-back Program<\/strong>\n <\/p>\n

AMSTERDAM \u2013 July 1, 2021 — STMicroelectronics N.V. (the \u201cCompany\u201d or \u201cSTMicroelectronics\u201d), a global semiconductor leader serving customers across the spectrum of electronics applications, announced the launch of a 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) following the publication of this press release. 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The Company\u2019s 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\u2019s issued share capital.<\/p>\n

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.<\/p>\n

The price paid for any share purchased pursuant to the share buy-back program shall be subject to:<\/p>\n