AudioCodes (NASDAQ: AUDC) has approved a program to repurchase up to USD15 million of its Ordinary Shares, NIS0.01 nominal value, the company said.
The court approval for AudioCodes´ existing repurchase program is scheduled to expire in mid May 2016. Accordingly, AudioCodes will file tomorrow a motion seeking court approval in Israel for repurchases of up to an additional USD15 million of its Ordinary Shares once the previous plan expires or is exhausted. This motion requests permission to make purchases for a period of six months following the date of court approval.
Share purchases will take place in open market transactions or in privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors.
The share repurchases will be funded from available working capital. AudioCodes expects that the approval process for the additional repurchase program will take approximately three months.
AudioCodes designs, develops and sells advanced Voice-over-IP (VoIP) and converged VoIP and Data networking products and applications to Service Providers and Enterprises.