Avaya Holdings Corp. (NYSE: AVYA) has announced that its board of directors has approved a warrant repurchase program, authorizing Avaya to repurchase outstanding warrants to purchase shares of its common stock, the company said.
The board of directors authorized an aggregate expenditure of up to USD 15 million for this program. The warrants currently trade in the OTC market. Pursuant to the approved repurchase plan, repurchases may be made by Avaya from time to time in open-market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.
The company may adopt one or more purchase plans pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in order to implement the warrant repurchase program. Under the repurchase program, there is no time limit for warrant repurchases, nor is there a minimum number of warrants that Avaya intends to repurchase. This repurchase program may be suspended or discontinued at any time without prior notice.
For more, visit www.avaya.com.