AeroVironment, Inc. (NASDAQ: AVAV) said its board of directors has authorized a stock repurchase program of USD25 million, effective immediately.
Repurchases are expected to be made from time to time through open market transactions. No time limit has been established for the completion of the program. AeroVironment currently has approximately 23.5 million shares of common stock outstanding.
Repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors. The program does not obligate AeroVironment to acquire any particular amount of common stock and may be suspended at any time at the company´s discretion.
AeroVironment is a technology solutions provider that designs, develops, produces, supports and operates an advanced portfolio of Unmanned Aircraft Systems (UAS) and electric transportation solutions.